The channel formed by two averages drawn on smoothing of High and Low price series. Candlesticks outside the channel limits are marked with color according to the trend. Candlesticks with the trend have bright fill color, ones against the trend - dark fill color.
The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Fig.1. The XMA_Range_Channel indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/14212
The FP indicator with the timeframe selection option available in the input parameters.MFICandle
The MFI indicator implemented as a sequence of candlesticks. Candlesticks appear as a result of relevant price timeseries processed by the MFI algorithm.