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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.
Note: only entry market when price in the inner bands.this is very important.


Input Parameters

  • 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.

Reviews 1
Edgar Duttweiler
639
Edgar Duttweiler 2018.08.21 14:47 
 

For my strategy a great EA-indicator !!!!

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Quick Panel Hedging
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Note: This EA only works on Hedging account. The MetaTrader 4 version Quick Panel This Panel is an Expert Advisor, which provides six groups of trading panel. Features Most trading operations can be quickly made by clicking the button on these panels. Changing panels is quick just by clicking the green button. Panel The panel includes two columns. The left column is about sell and the right is about buy. sell: open a sell order. first: close the first sell order. The first refers to Open Ti
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Edgar Duttweiler
639
Edgar Duttweiler 2018.08.21 14:47 
 

For my strategy a great EA-indicator !!!!

Reply to review
Version 4.20 2020.03.23
Nothing changed. Recompile with the latest compiler as request from MQL5 community.
This version will increase the performance.
Version 4.10 2016.10.18
The old v4.0 has a repaint bug,this repaint bug is also found in the MT4 indicator.
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.
Version 4.0 2016.10.05
Add a bands to this indicator.
Now the new version 4.0 is the same as my MT4 indicator. https://www.mql5.com/en/market/product/10455
Thank you!
Version 3.0 2015.07.06
Added alert and email function