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Published:

13 July 2018, 15:51

CMC.mq5 (12.05 KB) view

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Indicator CMC (Clear Method Candles) displays colored candlesticks, based on the existing market trend. It is calculated by the "pure" method (without using any other indicators, only price) and has no configurable parameters. It is based on indicator Clear Method Histogram.

Calculations:

If Swing > 0, then candlesticks are blue
If Swing < 0, then candlesticks are red

where:

HH = Maximum(High, PrevHH)
LH = Minimum(High, PrevLH)
HL = Maximum(Low, PrevHL)
LL = Minimum(Low, PrevLL)

If Swing > 0 and High < HL:
```
Swing = -1
LL = Low
LH = High
```
If Swing < 0 and Low > LH:
```
Swing = 1
HH = High
HL = Low
```
Otherwise, if High < HL:
```
Swing = -1
LL = Low
LH = High
```
Otherwise, if Low > HL:
```
Swing = 1
HH = High
HL = Low
```

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21274

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CMC - indicator for MetaTrader 5