In my opinion, this indicator is not quite well made. Let me explain why I have such an opinion. Firstly, when the indicator is connected to a chart with bars, it turns bars into candlesticks, overwriting the information of OHLC bars. The thickness is not adjustable. Secondly, besides green, red and grey zones, there is a concept of a "squat bar", which is coloured blue, regardless of which zone is currently occurring. Information about the "squat bar" is taken from the data of the Market Facilitation Index (BW MFI) indicator , which, unfortunately, is not flawless either.
iTC:
In my opinion, this indicator is not quite well made. Let me explain why I have such an opinion. Firstly, when the indicator is connected to a chart with bars, it turns bars into candlesticks, overwriting the information of OHLC bars. The thickness is not adjustable. Secondly, besides green, red and grey zones, there is a concept of a "squat bar", which is coloured blue, regardless of which zone is currently occurring. The information about the "squat bar" is taken from the data of the Market Facilitation Index (BW MFI) indicator , which, unfortunately, is not flawless either.
.
It is a very good indicator. In line 12 you should correct #property indicator_type1 DRAW_COLOR_CANDLES to #property indicator_type1 DRAW_COLOR_BARS and everything will be fine. And on MFI it's already a completely different indicator, which probably doesn't exist yet. I am looking for it. Waiting.
In my opinion, this indicator is not quite well made. Let me explain why I have such an opinion. Firstly, when the indicator is connected to a chart with bars, it turns bars into candlesticks, overwriting the information of OHLC bars. The thickness is not adjustable. Secondly, besides green, red and grey zones, there is a concept of a "squat bar", which is coloured blue, regardless of which zone is currently occurring. The information about the "squat bar" is taken from the data of the Market Facilitation Index (BW MFI) indicator , which, unfortunately, is not flawless either.
.
Wow... I have been studying this indicator of late, I am interested with what you just mentioned, can kindly explain more to me please? Thanks

You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
BW-ZoneTrade:
The idea of this indicator has been proposed by Bill Williams in his book "New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds and Commodities".
It shows the "fourth dimension" of the market - it paints the bar charts with different colors (green, grey and red) depending on the current market momentum (1st derivative) and price acceleration (2nd derivative), which calculated by Awesome Oscillator (AO) и Accelerator Oscillator (AC).
Author: MetaQuotes Software Corp.