consecutive candles with stochastic filter indicator
Info
The consecutive candles with stochastic filter indicator is a Indicator for MetaTrader 4 that the indicator identifies consecutive high candles and consecutive low candles. the first candle must have an (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 or above or equal to the 80 stochastic level 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 indicator
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 candles and consecutive low candles.
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: mt f candles - another powerful indicator for MetaTrader 4 traders.
the indicator identifies consecutive high candles and consecutive low candles. the first candle must have an (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 or above or equal to the 80 stochastic level for consecutive low candles. you can set your own stochastic levels.
Also recommended: nrtr indicator with candlestick painting - similar indicator with strong performance on MetaTrader 4.
if the above conditions are met, then the indicator looks at candle 2. candle 2 must also have an (x) pip long adjustable body for the condition to be met, however, it is not dependent on the stochastic levels. if conditions for candle two are met then the indicator will send an alert just after candle 1 closes and place an arrow on the chart.inputs of interest
minimum pip size for candle one. pips in actual points, this is automatically converted for 4-digit brokers.
minimum pip size for second candle.
minimum pip size for third candle.
turn on push notifications?
turn on popup notifications?
arrow? choose between trend_trading, range_trading, or no_arrows.
candles before alert. options are two or three
verbose = turn details on or off in expert tab
kperiod = 5
slowing = 3
dperiod = 3
mamethod = sma
pricefield = close/close
overbought = 80
oversold = 20
buycolor = green
sellcolor = red
for the purpose of clarity, let us divide trading styles into two types
trend
or
range
. with trend trading, if the price is going up you expect when you place your trade for it to continue in the same direction. with range trading, you expect the price to reverse so you place a trade in the opposite direction of recent movement.
so for example if three large bullish bars print according to your pip size specification and the stochastic was overbought at the time of the first bar printing are you expecting price to continue going up, and thus would like an up arrow printed on the chart, or if range trading and you would want a print down arrow at that time expecting price to go lower now that it has been in overbought territory for some time.
trend mode range mode some inputs verbose mode
You may also like: inside bar indicator: reliable candlestick pattern detection - 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.