MA Candles Two Colors : Also available for MT5
This Indicator draws different colored candles above and below a Moving Average (MA) line.
The Indicator includes all standard parameters of MA: Period, Shift, Method and Price.
The user is required to ensure that all Inputs Variables and Value parameters (MA Period, Shift, Method and Price) on both the present Indicator and the user provided Moving Average match each other exactly.
The default parameters for MA1 are: Period = 1, Shift = 0, Method = 0 (SMA), Price = 0 (Close). This is the equivalent of having the color candles change color on price close above or below MA2.
The default method for MA2 is EMA.
Note: MA/s to be supplied by user and not part of Indicator.
Candle Accuracy: Although the standard chart price graphic is hidden it is not
disabled and Open, High, Low and Close prices are available in MT4 Data Window
(press Ctrl+D or View → Data Window). Accuracy of the Indicators Open, High, Low
and Close can be checked against Open, High, Low and Close in MT4 Data
Window. When cross-referencing the cursor point must be on the relevant colored candle:
Interpretation of the the Data Windows:
The indicator candle H, L, O and C are listed in Columns R up, R dn, Bu and B dn (Red up candle, Red down, Blue uo candle, Blue down candle).
The hidden candle open is greater than the close so the candle is a down candle. The indicator Red down candle in column 2 corresponds to the hidden down candle.
All Inputs parameters and options can be changed and will save automatically. If after changing Inputs or Color parameters a Reset is used the Color Candles will display as Bars. To revert to Color Candles switch to a different timeframe and then back.