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In this article I will address the possibilities of creating customized indicators with candlesticks, pointing out their advantages and disadvantages.
Tabajara Rules for MT5 , based on Professor André Machado’s Tabajara Setup, indicates the market direction using moving averages when there are candles aligned with the direction of the moving average. The indicator contains the color rule applied to the candles and the moving average. It allows changing the parameters: period and smoothing method of the moving average. It also allows changing the colors of the candles (borders and filling) and of the moving average. Professor André Machado’s
Visual Book on Chart is an indicator designed specially for stocks and futures market. To check if you can use the tool with your Broker open the MT5 Depth Of Market on your terminal and check if there are price and volume data available. Learn more about the MT5 Depth Of Market in the oficial page. The indicator shows the depth of market data on the chart window and use gradient based on the market data to colorize the histogram bars. The indicator is formed by two components: The