Some candles have a strong tendency to continue the movement or to revert it. With the help of the Colored candles indicator such movements are clearly visible. This indicator calculates the parameters of each candle, as well as its volume, and after that it paints the candles depending on its strength and direction. Bullish candles are colored green and bearish candles - red. The greater the power of the bulls or the bears, the brighter the color. You can change the colors if you want.
The indicator works on any currency pair and timeframe. It helps to analyze the price movement, as well as market entry points. The more accurate signals are formed on the higher timeframes. It is possible and desirable ti use it in conjunction with other MetaTrader indicators.
Parameters
- History - the number of history bars to analyze and paint;
- Minimum length candle - the minimum length of the analyzed candle;
- PeriodADX - ADX indicator period;
- ADX and high-low relation - relation of the ADX indicator and the minimum candlestick length;
- CountCandlesVolume - the number of candlesticks to compare the volume (if set to 0, the candlestick volume is not analyzed);
- VeryStrongSignalAlert - when enabled, alerts will be displayed if the last closed candle is very strong;
- ColorBuy1 - color of weak bullish candles;
- ColorBuy2 - color of medium strength bullish candles;
- ColorBuy3 - color of strong bullish candles;
- ColorBuy4 - color of the strongest bullish candles;
- ColorSell1 - color of weak bearish candles;
- ColorSell2 - color of medium strength bearish candles;
- ColorSell3 - color of strong bearish candles;
- ColorSell4 - color of the strongest bearish candles;
- CandlesWidth - candle painting width.
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