Candles Technical Indicator

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    The Candles indicator draws a histogram in the indicator window that shows the height of the body of the candle with shadows, and also highlights the ratio of the body of the candle to its shadows. The height of each bar of the indicator’s histogram is expressed in points.

    Candles Technical Indicator

    Candles Technical Indicator

    The height of the indicator column is equal to the distance from the minimum to the maximum point of the candle of the current frame time frame in points. The column itself is two-tone and its color depends on the type of candle, bullish or bearish. If the candle is bullish, then the top of the column is green, and the bottom of white, if the candle is bearish, then the top is red, and the bottom is also white.

    The ratio of the color part of the column to the white is equal to the ratio of the size of the candle’s shadows to its body. The larger the body of the candle, the greater the lower, white part of the column. And just the opposite, the longer the shadow of the candle, the greater the upper, colored part of the histogram column. The size of the color part of the histogram column in points is equal to the sum of the candle’s shadows, also in points.

    In the same window indicator is constructed from standard trend indicators ” moving average » (Moving Average), which averages the height of the real body, or in this case, the bottom, the white part of the histogram bars. In the same window, in the upper right corner of the indicator, the time (min: sec) that remains until the candle closes, time naturally depends on the current time frame. Below in the same corner under the time, information is displayed on the number and type of the last 20 candles. The first number is the number of bear candles, and the second number is bullish. The color of this inscription depends on the ratio of these candles. If bearish candles predominate, then the numbers are red, if bullish, then the color is green.

    Candles Technical Indicator parameters:

    MA – period of “moving average”;
    t is the number of candles.

    Color options:

    0 – the color of the upper part of the column, if the candle is bearish;
    1 – the color of the top of the column, if the candle is bullish;
    2 – the color of the bottom of all columns;
    3 – the color of the “moving average”.

    Description of the parameters:

    With the parameter “MA” I think and so everything is clear, and the parameter “t” allows you to specify the number of last candles, which is taken into account when calculating the ratio of the last closed bull and bear candles. Well, how the indicator colors are set up, I think, each trader will choose for himself.

    How to use Candles Technical Indicator

    This indicator will be very well combined with the analysis of Japanese candles, since there is no basic method for trading on this indicator, here every trader must work himself and identify for himself any patterns.

    Download Candles Technical Indicator

    You may download Candles Technical Indicator for MetaTrader 4 from here.

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