Identical candles
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Identical candles
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.
Description & Settings
This is the semaphore indicator of candles that highlights the candles on the chart, which have same direction like all candles for your chosen timeframes. For example, each of the rising candles (bullish) or each of the descending candles (bearish).
All timeframes can be used, just turn on/off for each one. In additional to the arrows, indicator can beep to indicate the appearance of a new arrow on the displayed timeframe.
There is possibility in the settings:
The display of all extra arrows can be turned off except, for example, those that indicate a change of the signal direction, in other words, only the first arrow for each direction.
You can specify where the candle is intended to give a signal (candle is equal zero or already formed). Keep in mind if you choose a zero candle, then the signal can be broken with an opposite signal, because the candle isn’t formed yet and is at the drawing stage.
Attention! If you receive a signal from zero candle, check the indicator on the tester, because using historical data, you can get another result.
Example. TF: M1, M5, M15 и shift = 1, Only signal change = true
Indicator settings
Alerts
– To turn on/off the beep;
Shift
– The candle index to receive the signal: 0 – the current candle, 1 – the previous candle;
Only signal change
– To wipe out all extra the arrows on the chart, display the direction change only;
TF M1
– To include in the calculation the timeframe M1
TF M5
- To include in the calculation the timeframe M5
TF M15
- To include in the calculation the timeframe M15
TF M30
- To include in the calculation the timeframe M30
TF H1
- To include in the calculation the timeframe H1;
TF H4
- To include in the calculation the timeframe H4;
TF D1
- To include in the calculation the timeframe D1;
TF W1
- To include in the calculation the timeframe W1;
TF MN
- To include in the calculation the timeframe MN;
Comments
- To turn on/off comments;
clrBUY
– The color for Buy;
clrSELL
- The color for Sell.
