candle size
Info
The candle size is a Indicator for MetaTrader 4 that the indicator searches for candlesticks on the price chart that are larger than the size specified in the settings and marks them on the chart. you can choose two types of candlestick size measurement (units of calculation): points and percentages.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use candle size
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
the indicator searches for candlesticks on the price chart that are larger than the size specified in the settings and marks them on the chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: size of the candle body - another powerful indicator for MetaTrader 4 traders.
the indicator searches for candlesticks on the price chart that are larger than the size specified in the settings and marks them on the chart.you can choose two types of candlestick size measurement (units of calculation): points and percentages.
Also recommended: smooth candle s - similar indicator with strong performance on MetaTrader 4.
points- the size will be calculated in points. (for a five-digit quote, a point = 0.00001 and similarly for others)
percentages
- the candlestick size will be calculated in percentages.you can also choose between which values to measure (between levels):
high/low
- between the maximum and minimum of the candlestick.
open/close
- between the opening and closing prices.
upper shadow
- the size of the upper shadow of the candlestick.
lower shadow
- the size of the lower shadow.select the unit of measurement and between which levels to measure, then use the
size definitions
parameter in the indicator to set the desired candlestick size level.if the indicator detects a candle with the specified parameters on the price chart, it will mark it using one of the methods selected in the settings.
You may also like: candle stop indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
яю#property copyright "Evgeniy Chumakov | © Copyright 2024"
#property description "Educational code - RobotFX www.robotfx.org"
#property version "1.0"
#property link "https://robotfx.org"
#property strict
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_label1 "Candle Size MT4"
#property indicator_label2 "Candle Size MT4"
enum units_of_calculation.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.