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Views:: 5529
Rating:: (16)
Published:: 2018.10.25 18:32

LBR_Paint_Bars.mq5 (18.92 KB) view

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LBR Paint Bars indicator draws color candles depending on a trend direction. The trend is defined by the location of two volatility lines. A color cloud histogram is displayed along these two lines.

It has four inputs:

Factor - ATR share in the cloud width calculation
ATR period - ATR calculation period
HL period - cloud borders calculation period
Color Candles - display color candles (Yes/No)

Calculation:

Edge1 = Min(Lowest(Low, HL period) + Delta;
Edge2 = Max(Highest(High, HL period) - Delta;

where:

Delta = ATR(ATR period) * Factor

If color candles display is enabled (Color Candles = Yes):

if the bullish candle is closed above the cloud, a green candle is displayed
if the bearish candle is closed above the cloud, a light-green candle is displayed
if the bearish candle is closed below the cloud, a red candle is displayed
if the bullish candle is closed below the cloud, an orange candle is displayed

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22200

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LBR_Paint_Bars - indicator for MetaTrader 5