Candlesticks MTF 5
- Indicators
-
Svetoslav Boyadzhiev
Developer of indicators and advisors for Meta Trader 4 and 5.
Developer of indicators for the "Masters of Risk" trading system. - Version: 3.2
- Updated: 8 June 2025
"Candlesticks MTF 5" is an informational indicator that displays "Japanese Candlesticks". The indicator analyzes and determines the opening and closing times of candles from higher time frames.
An algorithm has been developed for the "Candlesticks MTF 5" indicator that corrects the discrepancy between the opening and closing times of candles from higher time frames. For example, if the opening time of a candle on a weekly time frame is the 1st of the month, and on the smaller time frame this date falls on a Saturday, then without this algorithm, the opening time of this candle will include candles from the previous day (Friday). This algorithm helps to correctly determine the "High" and "Low" prices required for the "Fractals" indicator to work correctly from a larger time frame—for example, when "High" and "Low" are first or second.
The indicator is also well applicable in classical technical analysis, as it shows "Bullish" and "Bearish" candles, as well as "Doji" and "Hammer" candles in different colors.
- For "Doji" candles and their variations, the indicator offers the option of choosing a tolerance for the size of the candle body of 10% of the total length of the candle.
- For "Hammer" candles and their variations, the indicator offers the option of choosing a tolerance for the size of the candle body of 33% of the total length of the candle and placement in the upper or lower 1/3 of the candle.
This tolerance for the size of the bodies of "Doji" and "Hammer" candles has been mentioned less and less in recent years, but it does exist in the practice of determining these candles.
The indicator also includes a timer to show the time until the last candle closes.
When the indicator is used to compare quotes provided by different brokers, sometimes the differences are incredible.
Note: The countdown timer is disabled in the strategy tester!
For MetaTrader 4 https://www.mql5.com/en/market/product/139987
Indicator settings:
Show Multi Time Frame from - Multi time frame on which to calculate the indicator. By default, the indicator works with data from time frame D1.
Candles History - Number of candles on which the indicator works from multi time frame D1.
Section Candlesticks Settings
Fill the Candle bodies - Fills or not the candle bodies.
Body line width - You can choose the line width for candle body and shadows.
Color of Bullish candles - Background color for Bullish candles.
Color of Bearish candles - Background color for Bearish candles.
Section "Doji" and "Hammer" Settings
Fill the "Doji" and "Hammer" bodies - Fills or not the "Doji" and "Hammer" bodies.
Color of "Doji" candles - Background color for "Doji" candles.
Percent calculations of "Doji" - Tolerance in the size of "Doji" body.
Color of Bullish "Hammer" candles - Background color for Bullish "Hammer" candles.
Color of Bearish "Hammer" candles - Background color for Bearish "Hammer" candles.
Percent calculations of "Hammer" - Tolerance in the size of "Hammer" body.
Section Candle Countdown Timer Settings
Show time until formation of Candle "0" - Shows or not the timer of Candle "0".
Timer color - Background color for the Timer text.
Text size - Text size for Timer.
Points in 1 Pip - Offers you a choice of the number of points in 1 Pip.
Timer text distance from Bid price - You can choose text distance from Bid price.
