Consecutive Candles with Stochastic Filter
Info
The Consecutive Candles with Stochastic Filter is a Indicator for MetaTrader 4 that the indicator identifies consecutive high and low candles based on specific criteria. For the first candle, the body length must be greater than or equal to a user-defined minimum pip size, and the stochastic level must be below or equal to 20 for consecutive high candles or above or equal to 80 for consecutive low candles.
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 Consecutive Candles with Stochastic Filter
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 identifies consecutive high and low candles based on specific criteria.
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: Copilot Adaptive Regime Candles - another powerful indicator for MetaTrader 4 traders.
The indicator identifies consecutive high and low candles based on specific criteria.Also recommended: Mistral Trend Candles Indicator - similar indicator with strong performance on MetaTrader 4.
For the first candle, the body length must be greater than or equal to a user-defined minimum pip size, and the stochastic level must be below or equal to 20 for consecutive high candles or above or equal to 80 for consecutive low candles.
If the first candle meets these conditions, the indicator evaluates the second candle. The second candle must also have a body length greater than or equal to a specified minimum pip size, but it is not dependent on stochastic levels.
When both candles satisfy the conditions, the indicator sends an alert after the first candle closes and places an arrow on the chart.
Inputs:
- Minimum pip size for candle one (in actual points, automatically adjusted for 4-digit brokers)
- Minimum pip size for second candle
- Minimum pip size for third candle
- Enable push notifications
- Enable popup notifications
- Arrow type (trend_trading, range_trading, or no_arrows)
- Candles before alert (2 or 3)
- Verbose mode (on/off)
- kperiod = 5
- slowing = 3
- dperiod = 3
- mamethod = sma
- pricefield = close/close
- overbought = 80
- oversold = 20
- buycolor = green
- sellcolor = red
The trading style can be categorized as trend or range. In trend trading, you anticipate the price to continue in the same direction as the current trend. In range trading, you expect a price reversal and place trades in the opposite direction.
For example, if three large bullish bars meet your pip size criteria and the stochastic was overbought when the first bar appeared, you can choose between an up arrow (trend trading) or a down arrow (range trading) based on your expected price movement.
You may also like: Kalman Candles - excellent alternative for indicator users on MetaTrader 4.
Source Code
/*the indicator should be able to identify consecutive high candles
and consecutive low candles. the first candle must have a x pip long
adjustable body for the first condition to be met, the candle must
also be below or equal to the 20 stochastic level for consecutive high
candles and above or equal to the 80 stochastic level for consecutive
low candles. if the above conditions are met, then the indicator can
look at candle 2. candle 2 must also have a x pip long adjustable body
for the condition to be met, however it is not dependent on the
stochastic levels. furthermore, candle two should alert x number of
seconds before the candle closes. look at the attached image for an .......
⚠ 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.