Candle Color Mid Point
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Candle Color Mid Point
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
Indicator Colored Middle Point of Candle, like indicator , displays the middle point of the candle, but it colors the middle point of each candle depending on the candle type, bullish or bearish.
It has two adjustable parameters:
Middle point for
- display the middle point for
Candle
- candles
Body
- candle body
Dots type
- the candle middle point dots type:
Smallest Dot
- the smallest dot
Small Dot
- cmall dot
Big Dot
- big dot
Small Square
- small square
Big Square
- big square
Small Diamond
- small diamond
Big Diamond
- big diamond
Cross
- cross
Calculations:
For the middle point of a candle:Point = (High + Low) / 2.0
For the middle point of the candle body:Point = (Open + Close) / 2.0 If the candle is bullish, its middle point is blue. If it is bearish, its middle point is red
Fig.1. Middle point for = Candle
Fig. 2. Middle point for = Body
