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Indicators

Candle Filter - indicator for MetaTrader 5

Gustavo Franthesco Kerntopf | English Русский 中文 Español Deutsch 日本語 Português 한국어 Français Italiano Türkçe
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1092
Rating:
(3)
Published:
2025.05.22 11:39
Download as ZIP, How to download code from MetaEditor
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Main Features

Candle filtering:

The indicator allows you to display only those candles that meet a certain criterion:

  1. Bullish: Displays only bullish candles.
  2. Bearish: Displays only bearish candles.
  3. Doji: Displays only Doji candles.
  4. All: Displays all candles with their respective colours.

    Doji candle detection:

    The detection of Doji candles is based on a configurable threshold (`InpDojiThreshold`), which defines the ratio between the body of the candle and its total range. This guarantees accuracy in identifying neutral candles.

    Candle filtering: Colour customisation:

    The trader can define custom colours for each type of candle:

    - Bullish: Default colour is green (`clrForestGreen`).
    - Bearish: Default colour is dark red (`clrDarkRed`).
    - Doji: Default colour is gold (`clrGold`).
    - Bottom: Default colour is black (`clrBlack`).

    Chart cleaning:

    The indicator removes unnecessary visual elements from the chart, such as grids, volumes and period separators, to facilitate visual analysis.

    How it works:

    1. initialisation (`OnInit`):

    Buffers are mapped to store OHLC values (open, high, low, close) and the corresponding colours.
    Custom colours are assigned to the indicator's colour indices.
    The chart is cleaned up by removing unnecessary visual elements.

    2. Main Calculation (`OnCalculate`)

    For each candle on the chart, the indicator checks whether it meets the selected criterion (`InpCandleShow`).
    Candles that do not meet the criterion are displayed in background colour (`InpBackgroundColor`).
    Candles that meet the criterion are displayed with custom colours.

    3. Deinitialisation (`OnDeinit`):

    When the indicator is removed, the original chart settings are restored, ensuring that the trading environment returns to its initial state.

    Usage examples:

    • Trend Analysis:
    Set `InpCandleShow` to `ShowBullish` or `ShowBearish` to focus only on candles that indicate an uptrend or downtrend.

    • Identifying Neutral Zones:

      Use `ShowDoji` to highlight neutral candles and identify possible reversal or consolidation points.
    • Full Visualisation:
    Choose `ShowAllCandle` to display all candles with their respective colours, allowing an overview of market behaviour.
    Improvements Implemented:
    • Accurate Doji Detection: The use of a configurable threshold (`InpDojiThreshold`) ensures that only truly neutral candles are classified as Doji.
    • Full Customisation: The trader has complete control over the colours and background of the chart.
    • Automatic Cleaning: The indicator automatically removes unnecessary visual elements, improving the readability of the chart.



    Translated from Portuguese by MetaQuotes Ltd.
    Original code: https://www.mql5.com/pt/code/58516

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