Color Candles Identify the Major Trend
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.
- ShowColorCandle - true means indicator draw color candle.
- 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 menns 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.
MT4 indicator has been modified, the MT5 indicator also need to be modified.
The new v 4.1 has no repaint bug.
Sorry for this trouble.
Now the new version 4.0 is the same as my MT4 indicator. https://www.mql5.com/en/market/product/10455