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2013.09.25 05:53
Indicators

Color Fill MA - indicator for MetaTrader 4

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Color Fill - MA1 + MA2 : Also Available to MT5

Color Fill (Color Histogram) enhances visual perception of price action assisting with decisions of trade entry, continuation, exit and trade re-entry on trend continuation.

This indicator draws

  • Two Moving Averages - MA1 and MA2.
  • Two associated Price Labels - ma1 and ma2
  • The below Color Fill options

Color Fill options

  1. Color Fill between Price and MA1
  2. Color Fill between Price and MA2
  3. Color Fill between MA1 & MA2
  4. No Fill

Image: Color Fill - 3 of 1, 2, 3 or 4.


Check Chart on foreground - Chart Properties (press F8)

Parameters and Trading

  • All Inputs parameters and options can be changed and will save automatically.
  • User should investigate personal preferences.
  • The MA1 and MA2 default periods are 50 and 100 EMA. Adjust MA1 and MA2 periods as required. Line thickness can be increased for better visual definition.
  • Lower timeframes can be enhanced with Session Open V-Line Indicator.
  • Use of Color Fill - MA1 + MA2 as part of a Trading System or Trading Tool is subject to user discretion and innovation.

MA1 and MA2 Price Labels

  • The Labels are positioned at the lower right corner but can be re-positioned to any position on the chart.
  • The Price Labels can be hidden if not required.
  • If MA1 or MA2 is hidden the associated Price Label will also be hidden.

Accuracy of Price Labels can be determined by drawing a horizontal line on the chart and setting the line Parameters - Value to the price indicated on a ma1 or ma2 Label. The horizontal line should align precisely with the end of MA1 or MA2 depending on Label chosen.

Notes

Color Fill - MA1 + MA2 is built on the core code of Custom Moving Average Indicator Copyright © 2004, MetaQuotes Software Corp.

The original Indicator code does not include a Price Inputs Variable and Close is the default price. A Price Inputs Variable has been added and includes Value parameters: Close, Open, High, Low and Median.

Accuracy of Price coding can be checked by placing on chart a standard MT4 Moving Average (Insert → Indicators → Trend → Moving Average) to serve as a Test Component and comparing overlay of MA1 and MA2 against the Test Component. The below parameters table includes all 20 test combinations.

e.g. Set the Test Component to SMA → Close and MA1 to SMA → Close. Both moving Averages should overlay exactly for the full length of the MA line. Home and End keyboard buttons can be use to locate the start and end of the MA line (ensure that Auto Scroll is inactive). Complete the table for MA1 and MA2. The author's checks cover 2006-Mar-09 to 2013-Jul-09.

Type
Price 0
Price 1
Price 2
Price 3
Price 4
SMA
Close
Open High Low Median (H + L) / 2
EMA Close
Open
High
Low
Median (H + L) / 2
SMMA
Close Open High Low Median (H + L) / 2
LWMA Close Open High Low Median (H + L) / 2

The Inputs Shift Variable can be checked in a similar manner by comparing MA1 and MA2 shift parameters against the Test Component.

Inputs and Parameters

  • MA_Color_Fill_1_2_3_or_4 - 3;
  • MA1_Period - 50;
  • MA2_Period - 100;
  • MA1_Shift - 0;
  • MA2_Shift - 0;
  • MA1_Method - Exponential;
  • MA2_Method - Exponential;
  • MA1_Price - Close;
  • MA2_Price - Close;
  • Show_MA1 - true;
  • Show_MA2 - true;
  • MA1_Label_Color - indicator_color1;
  • MA2_Label_Color - indicator_color2;
  • Label_Bold - true;
  • Label_Size - 12;
  • Label_Corner - 3;
  • Label_Left_Right - 20;
  • Label_Up_Down - 10;
  • Show_Labels = faolse;
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