MTF Market Structure Color Candles Alert
- Indicators
- Park Sangmo
- Version: 1.0
- Activations: 7
Mtf Market Structure Color Candles Alert is a MetaTrader 5 indicator that uses higher-timeframe market structure as a reference and colors the current chart candles only when current-chart price action breaks that structure.
The selected timeframe, such as H1, is used to calculate highest-high and lowest-low structure reference lines. The active chart timeframe, such as M5, then decides candle color from its own candle closes against those structure levels. This avoids the common MTF problem where a full block of lower-timeframe candles changes color after the higher-timeframe candle updates.
Main features:
- Multi-timeframe market structure reference
- Current-chart candle coloring based on structure breaks
- Highest-high resistance reference lines
- Lowest-low support reference lines
- Four candle colors
- Uptrend bullish candle color
- Uptrend bearish candle color
- Downtrend bullish candle color
- Downtrend bearish candle color
- Hh1, ll1, hh2, and ll2 reference lines shown as clean horizontal segments
- Optional alerts on current-chart structure breaks
- Popup, push, email, and sound alert options
- Adjustable fast and slow structure periods
- Adjustable calculation bar limit
- No external DLL files required
Example use:
Set the signal timeframe to H1 while trading from an M5 chart. The indicator draws H1 market structure reference lines on the M5 chart. M5 candles then change color only when M5 candle closes break the H1 structure reference.
Default settings:
- Signal timeframe: current chart timeframe
- Fast period: 8
- Slow period: 21
- Max bars to calculate: 5000
Important:
This indicator does not predict market direction and does not place trades. It is a visual market structure reference tool only. Alerts and candle colors are based on chart data and selected inputs. Traders should test settings on demo first and use their own risk management.
(c) uniprojects
