How do I install this Expert on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Expert?

Drag the Expert Advisor from the Navigator panel onto a chart, enable AutoTrading, and allow live trading in the settings.

Is this compatible with MetaTrader 5?

Yes, this Expert is built specifically for MetaTrader 5.

Is this Expert safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Expert on multiple charts?

Yes, but each chart can only run one Expert Advisor at a time. You can run multiple EAs on different charts.

Can I customize the settings of this Expert?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free Candlestick Color Change Expert Advisor Expert for MetaTrader 5

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Candlestick Color Change Expert Advisor

Info

The Candlestick Color Change Expert Advisor is a Expert Advisor for MetaTrader 5 that the exp_candlesticksbw_tm expert advisor utilizes candlestick color changes to identify trading signals and define specific trading time intervals. This Expert Advisor generates a trade signal when a bar closes and the indicator color changes, indicating a potential trend shift.

Usage

This tool is typically used for automated trading on major forex pairs and gold.

Platform

This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).

Setup

Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.

How to Install and Use Candlestick Color Change Expert Advisor

1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.

2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.

3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.

4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.

Frequently Asked Questions

Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.

Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.

Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.

What this tool does

The exp_candlesticksbw_tm Expert Advisor utilizes candlestick color changes to identify trading signals and define specific trading time intervals.

Typical Use Case

This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.

Compatible Platform & Setup

This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.

Description & Settings

Related: trade signals using reversal candlestick patterns in mql5 - another powerful expert for MetaTrader 5 traders.

The exp_candlesticksbw_tm Expert Advisor utilizes candlestick color changes to identify trading signals and define specific trading time intervals.

Also recommended: Trade Signals Based on Bullish/Bearish Harami Candlestick Patterns Confirmed by MFI Indicator using MQL5 Wizard - similar expert with strong performance on MetaTrader 5.

This Expert Advisor generates a trade signal when a bar closes and the indicator color changes, indicating a potential trend shift.

Trading time customization is facilitated through input parameters, allowing users to specify start and end times for trading activities. Separate variables for hours and minutes are provided for both start and end times.

By default, the Expert Advisor is configured to trade throughout the entire trading session, commencing at 0:00 and closing all positions at 23:59. If the specified start time is later than the end time, the Expert Advisor will close positions at the specified end time on the following day.

For the Expert Advisor to function, the compiled candlesticksbw.ex5 indicator file must be placed in the /mql5/indicators folder.

The default input parameters were employed in the tests, excluding the use of stop loss and take profit. The testing results for GBPUSD H4 over the year 2026 are illustrated in the provided charts.

You may also like: MQL5 Wizard: Trade Signals Based on Hammer/Hanging Man Candlesticks with CCI Confirmation - excellent alternative for expert users on MetaTrader 5.

Source Code

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⚠ 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.