Dead Candle Theory MT5
- Indicators
- Version: 1.0
- Activations: 5
Dead Candle Theory – DCT – Signal Scanner
Multi-timeframe scanner for Dead Candle Theory (DCT) signals, order blocks, SuperTrend, and confluence filters.
What is Dead Candle Theory (DCT)?
DCT marks a dead candle as the most extreme candle in a swing — the lowest low (buy origin) or the highest high (sell origin). That candle is treated as “dead” only when a later candle’s body breaks its outer level. Wicks alone do not count in Close mode.
- BUY DCT: Track the candle with the lowest low. A later bullish candle must close above that candle’s high. The origin range (high − low) must also pass the swing-size filter.
- SELL DCT: Track the candle with the highest high. A later bearish candle must close below that candle’s low. Same swing-size rule.
Optional Touch mode can fire on any wick/touch of the level (including the forming bar). Default Close mode waits for a full body close and only evaluates closed bars.
The chart filter (SOP) requires that, somewhere between the origin candle and the confirmation candle, RSI and Stochastic actually reached the set extremes (default: RSI ≤ 30 and Stoch ≤ 20 for buys; RSI ≥ 70 and Stoch ≥ 80 for sells). If that confluence is off, arrows/boxes can still be drawn or suppressed via inputs.
This is a visual scanner and alert tool. It does not place trades.
For questions, updates, and to connect with other traders, join my official MQL5 group ForexEAandMore
Instructions the first Comment.
What the indicator shows
- DCT BUY / SELL arrows on the chart timeframe (style, size, ATR or points offset).
- DCT boxes + labels from origin candle to confirmation candle.
- Optional SL / TP / Entry lines from ATR (manual multipliers or auto by instrument class: Forex / Metals / Crypto / Indices).
- Order Blocks: last opposite candle before a displacement candle (demand = last bearish candle before a strong bullish close; supply = last bullish candle before a strong bearish close). Optional BOS, merge of nearby zones, touch count, remove on invalidation (full close through the zone).
- SuperTrend line (visual only).
- OB/OS marks when RSI and Stochastic are both overbought or both oversold (edge-triggered, not every bar in the zone).
- Candle countdown above the current bar.
- MTF dashboard (M1–D1, selectable): last DCT side, date/time, live RSI/Stoch, OK status.
- Account section (collapsible): symbol margin, floating P/L, win rate, profit factor, avg hold, drawdown vs peak equity since attach (history lookback is configurable).
- Apex MTF mini-panel (separate, lower-left by default): RSI and/or MACD bias per TF.
Alerts: popup and/or push. Per-TF enable. Direction filter (buy only / sell only / both). Optional suppress on reload so existing history does not re-alert after Settings, symbol, or TF change. Freshness gate: alerts only for the current or last closed bar of that TF.
Main settings (grouped)
Master on/off for DCT buy, DCT sell, SuperTrend, Entry/SL/TP lines, order blocks, OB/OS, Apex panel, main panel.
- Lookback, max boxes/arrows/labels.
- Confirmation: Close vs Touch.
- Swing filter: none / ATR multiple / fixed points.
- RSI period, Stochastic K/D/Slowing, SOP levels.
- Auto SL/TP ATR table by symbol class, or fixed SL/TP ATR multiples.
- Alert mode, alert TFs vs scan TFs (can differ).
- Panel position, colors, fonts; Apex method (RSI, MACD, or both AND).
Handles are recreated only when handle-relevant inputs or symbol/period change, to avoid terminal hangs on cosmetic Settings saves.
How to use
- Attach to the chart you trade. Enable the TFs you want in the scanner and (separately) for alerts.
- Prefer Close confirmation for closed-bar signals; use Touch only if you accept intra-bar / wick signals.
- Keep the SOP filter on if you want arrows only after RSI + Stoch have tagged the swing extreme.
- Use SL/TP lines as visual distance only — they are ATR projections, not broker orders.
- Treat order blocks and SuperTrend as context, not as a standalone system.
- Confirm on your own higher-timeframe bias and risk rules before any decision.
Works on Forex, metals, indices, and crypto symbols (auto SL/TP class uses symbol path + ticker heuristics).
Disclaimer
This product is a charting and alert indicator. It is not financial advice and not an automated trading system. It does not guarantee signals, profits, or future results. Past markings on a chart do not predict future price. Trading leveraged products involves substantial risk of loss. Use only capital you can afford to lose. You are solely responsible for all trading decisions.
