Color Candles cross MA
This Indicator draws different sets of colored candles above and below a Moving Average (MA) line.
- Candles above the MA line are light Blue for an up candle and dark Blue for a down candle.
- Candles below the MA line are light Red for an up candle and dark Red for a down candle.
The Indicator includes all standard parameters of MA: Period, Shift, Method and Price.
The user is required to ensure that all Inputs Variables and Value parameters (MA Period, Shift, Method and Price) on both the present Indicator and the user provided Moving Average match each other exactly.
Use of this Indicator requires that Candlesticks, Price Bars or Price Line be graphically removed from the chart - see instructions below
- Open a new chart.
- Change the chart price graphic to Line Chart - Press (Alt + 3) or locate 'Charts' on top menu and select 'Line Chart'. Make sure that 'Bar Chart' or 'Candlesticks' is not accidentally selected.
- Open the Chart Properties window - press (F8) or right click anywhere on the chart and select 'Properties'.
- Select the Colors tab.
- Select 'Line Chart:', now select the '▼' and change color to 'None'. The chart should now have no graphical price displayed and is referred to as the blank chart.
- A template of the blank chart can be made for further use with other currency pairs or instruments.
- Attach Indicator Color Candles cross MA to the blank chart.
Notes: Although the standard chart price graphic is hidden it is not disabled and Open, High, Low and Close prices are available in MT5 Data Window (press Ctrl+D or View → Data Window). Accuracy of Color Candles Open, High, Low and Close can be checked against Open, High, Low and Close in MT5 Data Window
All default inputs and parameters can be changed and saved to a user named .set file for later recall and reuse via the Save and Load buttons on the Inputs tab. To change colors please use the Inputs tab and not the Colors tab.
Input and Parameters
- MA Period - 100;
- iMA Shift - 0;
- MA Method - Exponential;
- MA Price - Close price;
- Above MA up candle - CornflowerBlue;
- Above MA down candle - RoyalBlue;
- Below MA up candle - Red;
- Below MA down candle - FireBrick.