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Colored candles and patterns

Japanese candlestick analysis is one of the most used methods for determining a reversal or continuation of a trend. The Colored candles and patterns indicator can display the names of many famous candlestick patterns on the chart and signal when they appear. In addition, some candles, not being a specific model, have a strong tendency to continue the movement, or its turn. Using this indicator, you can see such candles - they are displayed in different colors. This indicator calculates the parameters of each candle, as well as its volume, and after that it colors the candles depending on its strength and direction. With the default setting, bullish candles are colored green and bearish candles are red. The greater the strength of the bulls or bears, the brighter the color. If desired, colors can be changed. You can enable and disable alarms (Alerts) when finding important candles or patterns.

There is a simpler version of this indicator (Colored candles), but it does not show candlestick patterns and has fewer signaling capabilities.

The indicator can work on any currency pair and timeframe. More accurate signals are generated on large time frames. It can and should be used together with other standard indicators of the Metatrader4 platform.

Parameters

  • History - the number of candles in the story for analysis and coloring;
  • Minimum length candle - the minimum length of the analyzed candle;
  • PeriodADX - period of the ADX indicator;
  • ADX and high-low relation - dependence of the ADX indicator and the minimum candle length;
  • CountCandlesVolume - the number of candles to compare the volume (if 0 is specified, the volume of the candle is not analyzed);
  • StrongSignalAlert - when enabled, alerts will be displayed if the last closed candle is strong (has the color ColorBuy3 or ColorSell3);
  • VeryStrongSignalAlert - when enabled, alerts will be displayed if the last closed candlestick is very strong;
  • EnablePatternVolumes - enable volume analysis when searching for candlestick patterns;
  • CountCandlesLength - the number of candles in the history for the analysis of candlestick patterns;
  • EnablePatternAlert - enable alerts when the candlestick model appears;
  • MinPatternForce - minimum signal strength of the candlestick model for the appearance of an alert (1-3);
  • ColorBuy1 - color of weak bullish candles;
  • ColorBuy2 - color of bullish candles of medium strength;
  • ColorBuy3 - color of strong bullish candles;
  • ColorBuy4 - the color of the strongest bullish candles;
  • ColorSell1 - color of weak bearish candles;
  • ColorSell2 - color of bearish candles of medium strength;
  • ColorSell3 - color of strong bearish candles;
  • ColorSell4 - the color of the strongest bearish candles;
  • CandlesWidth - the color of the candles;
  • PatternNameDistance - the distance between the candle and the name to display the names of patterns on the chart.

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