Green Red Triple Overlap Candle by RWBTradeLab
- Indicators
-
Md Hasibul Kabir
Founder & Developer at RWBTradeLab.
I develop high-quality trading indicators, expert advisors (EAs),
and utility tools for MetaTrader 5.
My work focuses on precise calculations, non-repainting logic,
and clear visual market structure. - Version: 1.0
Green Red Triple Overlap Candle by RWBTradeLab
Three candles of the same colour that go nowhere. A clean, non-repainting detector for MetaTrader 5 that finds the groups where one side keeps pushing and the other side keeps absorbing — and marks the exact band the group folded over. All from CLOSED candles only.
What This Indicator Does
The middle candle is the reference. Candle 1 and Candle 3 clamp its BODY from opposite ends, which is what stops the three of them from stepping away from each other.
Green Triple Overlap
- All three candles GREEN
- Candle 1 HIGH is at or above Candle 2 CLOSE
- Candle 3 LOW is at or below Candle 2 OPEN
Red Triple Overlap
- All three candles RED
- Candle 1 LOW is at or below Candle 2 CLOSE
- Candle 3 HIGH is at or above Candle 2 OPEN
A Doji (close equals open) is neither Green nor Red, so a group containing one is never a Triple Overlap.
The body of the middle candle is the band that got clamped, and that band is what gets drawn.
What It Says
Three candles all pushing the same way, and none of them getting anywhere. On the green side Candle 2 never cleared Candle 1's high, and Candle 3 handed back everything down to Candle 2's open. The group is folding over itself instead of building a leg. One side keeps pushing, the other keeps absorbing.
This is NOT Three White Soldiers or Three Black Crows. Those are a staircase, where every candle steps beyond the one before it. Here every candle folds back over the middle one, which is the opposite behaviour, so the two should never be read the same way.
Key Features
Professional Chart Display
- The clamped band — the middle candle's body — is drawn across all three candles, with a solid border
- An optional Full Candle Range outline shows the whole high-to-low of the three candles around that band, so you can see how tightly they are stacked
- The band can be extended to the right edge as a live level. The range outline never is, because it marks what happened rather than a price that is still working
- Boxes are drawn BEHIND the candles — price action always stays readable
- Clear text labels ("Green Triple Overlap", "Red Triple Overlap"), parked outside the whole group so the text never lands on a candle
- Separate fill and edge colours for each side, fully adjustable
Summary Panel
- A compact panel in the chart corner lists both types with how many of each are currently on the scanned range
- Every cell is drawn as its own filled box with a thin grid line, so it reads the same on a white chart and on a black one
- The panel counts a type even while that type is hidden, so it tells you what is really there and not just what is drawn
- Four corner positions, adjustable font size and colours, and it can be switched off entirely
Non-Repainting Engine
- All patterns are calculated on CLOSED candles only — no running-candle logic
- Patterns are rescanned once per new bar, not on every tick (zero terminal lag)
- Automatic object cleanup — remove the indicator and the chart is spotless
Chart = Alerts, Always
- Drawing and alerts share the SAME detection rules
- An alert fires exactly when Candle 3 closes — once per pattern, never repeated
- Whatever fires an alert is exactly what you see on the chart
Alerts (bar-close only, off by default)
- 2 alert types: Green Triple Overlap and Red Triple Overlap — each with its own On/Off switch
- 3 delivery channels: Popup, Push Notification, Email
- Every alert message includes pattern type, price, symbol, timeframe and time
Inputs
- Scan: Scan Length (closed candles) — how many recent closed candles are scanned (default 200)
- Pattern Types: Green Triple Overlap, Red Triple Overlap, Show Full Candle Range
- Zone Style: bullish and bearish fill colours, bullish and bearish edge colours, Extend Zones Right and the extend length
- Labels: show labels, text offset from the candles (% of their full height), font and font size
- Summary Table: show/hide, corner, font size, text colour, header background, cell background, grid colour
- Alerts: master switch, Popup / Push / Email, and a switch per pattern type
How to Use
Attach the indicator to any symbol and any timeframe — forex, gold, indices, crypto. Treat the clamped band as a price area that a whole group of candles could not leave. Extending the band to the right shows where price sits against it now, which is often where the next reaction happens. Turn on the Full Candle Range outline when you want to see how compressed the group was — a narrow outline around the band says the absorption was tight. For best results combine with higher-timeframe structure and your own trade plan.
Important Notes
- Push notifications require your MetaQuotes ID in MT5 (Tools -> Options -> Notifications); email alerts require SMTP settings
- Alerts work while the terminal is running
- Default colours are tuned for dark charts — all colours are fully adjustable for light themes
- This indicator is a pattern-detection tool, not financial advice. Trading involves risk — always use proper risk management
Creator: RWBTradeLab
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