MA Candles Two Colors : Also available for MT5
This Indicator draws different colored candles above and below a Moving Average (MA) line.
The Indicator includes all standard parameters of MA: Period, Shift, Method and Price.
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.
of this Indicator requires that Candlesticks, Price Bars or Price Line
be graphically removed from the chart - see below instructions:
- 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
- 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.
The default parameters for MA1 are: Period = 1, Shift = 0, Method = 0 (SMA), Price = 0 (Close). This is the equivalent of having the color candles change color on price close above or below MA2.
The default method for MA2 is EMA.
Note: MA/s to be supplied by user and not part of Indicator.
Candle Accuracy: Although the standard chart price graphic is hidden it is not
disabled and Open, High, Low and Close prices are available in MT4 Data Window
(press Ctrl+D or View → Data Window). Accuracy of the Indicators Open, High, Low
and Close can be checked against Open, High, Low and Close in MT4 Data
Window. When cross-referencing the cursor point must be on the relevant colored candle:
Interpretation of the the Data Windows:
- The hidden candle Open: 1325.6
- The hidden candle High: 1326.6
- The hidden candle Low: 1321.5
- The hidden candle Close: 1323.1
The indicator candle H, L, O and C are listed in Columns R up, R dn, Bu
and B dn (Red up candle, Red down, Blue uo candle, Blue down candle).
The hidden candle open is greater than the close so the candle is a down candle. The indicator Red down candle in column 2 corresponds to the hidden down candle.
- R dn L: 1321.5
- B dn H: 1326.6
- R dn C: 1323.1
- R dn O: 1325.6
All Inputs parameters and options can be changed and will save automatically. If after changing Inputs or Color parameters a Reset is used the Color Candles will display as Bars. To revert to Color Candles switch to a different timeframe and then back.
Input and Parameters
- Candle _MA_Period - 34;
- Candle_MA_ Shift - 0;
- Candle_MA_Type - 1;
- Candle_MA_Price - 0;
- Candle_Shadow_Width - 1;
- Candle_Body_Width - 4;
- Type_Key - 0: SMA, 1: EMA, 2: SMMA, 3: LWMA;
- Price_Key - 0: Close, 1: Open; 2: High;
- Price_Key_cont - 3: Low, 4: Median;