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2015.07.29 14:56
Indicators

CandleSizes - indicator for MetaTrader 5

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candlesizes.mq5 (16.05 KB)view

The indicator shows the size of candlestick elements. One histogram bar corresponds to a certain element size on a current candlestick, the histogram line indicates the daily average value of selected elements. A histogram bar changes its color to the color of the line if the element size exceeds the daily average.

Input Parameters:

  • inpType — display type (show the size of upper shadows, lower shadows or bodies);
  • inpClr — histogram color (if the element size exceeds the daily average);
  • inpNeutralClr — neutral color, if the element size doesn't exceed the daily average.

Tips:

  • Analyze the values of upper shadows after an uptrend movement, and the values of lower shadows — after a downtrend movement (trend reversal).
  • It can be used as a confirming signal to determine important price levels (instead of a candlestick patterns indicator).
  • It can be used as a basis for developing candlestick indicators.
  • The indicator can work on timeframes up to Н2.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/13329

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