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CandleSizes - indicator for MetaTrader 5
- Views:
- 8855
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- Published:
- 2015.07.29 14:56
- Updated:
- 2016.11.22 07:32
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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 Ltd.
Original code: https://www.mql5.com/ru/code/13329
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