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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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VR System MT 5
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Vladimir Pastushak
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PAX3 Price Action Indicator
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Marco Aurelio Santos Costa
You probably won't see the power of the indicator in the backtest, because it uses 3 windows, something you can't do, in the DEMO version that the site offers.  I trust 100% on my work and on my indicator, if you want a test version, send me a message, different from other sellers, who just want to "sell", I want whether you have a full version before renting and deciding. Many people have requested the purchase of the life time indicator, so I am making it available for a limited time. Life Ti
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AguiaTraders F12 PRO
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Renato Fiche Junior
This tool was developed to help traders on candle by candle and replay training. In the indicator settings, the user can set the training start datetime. The indicator will autommatically hide all candles after this datetime. So the user can make studies before starting the training. Starting the training, the user can simulate your trades quickly and easily! This is a product developed by Renato Fiche Junior and available to all MetaTrader 5 users! Partners: "Águia Traders"  team ( Eagle Tr
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Pinbar Scanner For Multi Pair And Multi Time Frame
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ScorpionFX
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TakePropips Donchian Trend Pro MT5
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Eric John Pajarillaga Aldana
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PipTick VWAP MT5
PipTick VWAP MT5
Michal Jurnik
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PipFinite Trend PRO MT5
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Karlo Wilson Vendiola
Breakthrough Solution For Trend Trading And Filtering With All Important Features Built Inside One Tool! Trend PRO's smart algorithm detects the trend, filters out market noise and gives entry signals with exit levels. The new features with enhanced rules for statistical calculation improved the overall performance of this indicator. Important Information Revealed Maximize the potential of Trend Pro, please visit www.mql5.com/en/blogs/post/713938 The Powerful Expert Advisor Version Automa
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Slippage Monitor
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Cross Trend Line to Trade
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Ziheng Zhuang
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Color Candles Show the Trend Change
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Quick Panel
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Quick Panel Pro
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Alpha Bands
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Ziheng Zhuang
This indicator shows the main trend on the current chart. Features This indicator includes two bands, one is the inner white bands, another is the outer blue bands. If the white dotted line crosses down the white solid line, this means that the trend has changed to be bearish. If the white dotted line crosses up the white solid line, this means that the trend has changed to be bullish. Once the crossing happened, it will not repaint. Settings ShowColorCandle: if 'true', it will show the colo
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Currency Relative Strength Digit
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Ziheng Zhuang
This indicator shows the relative strength of 8 major currencies: USD, EUR, GBP, AUD, NZD, CAD, CHF and JPY. The strength value is normalized to the range 0-100: The value above 60 means strong. The value below 40 means weak. Note: This indicator does not show strength lines, it just shows the digital result on chart. Another version with strength lines: Currency Relative Strength Inputs BarsToCalculate - Number of bars to calculate strength. MaPeriodsToSmoothLines - Moving Average periods f
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Multi Pairs Trading
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Ziheng Zhuang
This Expert Advisor is an One-click trading panel for multi pairs. Click OPEN button to open orders for the selected pairs. Click CLOSE button to close orders for the selected pairs. The lots of order is the number entered by users.The positive number is for buy order and the negative is for sell order. Click  CLOSE  button is to close the whole order ,instead of partial close.Close action has nothing to do with the number of lots. Set the input Magic to 0, the EA will help to close manual order
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Quick Panel Pro Hedging
Quick Panel Pro Hedging
Ziheng Zhuang
Note: This EA only works on Hedging account. The MetaTrader 4 version Quick Panel Pro This Expert Advisor is a professional trading tool, which integrates a flexible risk control and 6 groups of trading panel. Features Calculating lots is easy and fast, when you move the StopLine, the calculation is processed at the same time. Most trading operations can be quickly made by clicking the button on these panels. Changing panels is quick just by clicking the green button. EA can run on visual char
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Quick Panel Hedging
Quick Panel Hedging
Ziheng Zhuang
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