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Color Candles Show the Trend Change

The indicator includes two parts.

Part I: Color Candles Show the Major Trend

Color candles is to identify the market state by color candlesticks.

As shown in the screenshots, if the color is Aqua, the market is in a state when you should place long orders or exit short orders. If the color is Tomato, it is the time to place short orders or exit long orders.

If the color is changing, it is better to wait for its completion (until the current bar is closed).

Part II: Draw bands

The inner bands is defined as safe area, and the outer bands is for close orders.

Trading strategy as below:

  • if the color is Aqua, and price is in the inner bands, place a long order, when price cross outer bands, it is time to close order.
  • if the color is Tomato and price is in the inner bands, place a short order, when price cross outer bands, it is time to close order.
Note: only enter market when price in the inner bands. This is very important.


Reference for calling it in EA : https://www.mql5.com/en/blogs/post/730475


Input Parameters

  • ShowColorCandle - true means indicator draw color candle.
  • BullColor -Aqua. you may set a color for bull market.
  • BearColor- Tomato.you may set a color for bear market.
  • AlertColorChange - true means there will be alert when the color change is finished.
  • EmailColorChange - true means there will be email when the color change is finished.
  • ShowBands - true means indicator draw the bands
  • AlertCrossOuterBands - true means there will be alert when price cross the outer bands
  • AlertCrossOuttrBands - true means there will be email when price cross the outer bands.

Please note I do not claim that this is a perfect indicator.

Losses or wins depend on how you use it.

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Version 4.20 2018.08.14
Fix a bug,the price in alert message is not right, now it is corrected.
Version 4.10 2016.10.11
The last verion 4.0 has been slightly repainted.
Also, added some other improvements.
Version 4.0 2016.09.30
A bands is added to the indicator.
Entry market only when the price is in the inner bands, and close order when price cross the outer bands.
The inner bands is defined as safe area.