Candels High Open
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Candels High Open
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
The entire chain: indicator signal module, the EA based on the signals module — .
If the last three bars (the zero bar is not considered) are rising:
(high[i+1]>high[i+2] && high[i+2]>high[i+3] && high[i+3]>high[i+4] && open[i+1]>open[i+2] && open[i+2]>open[i+3] && open[i+3]>open[i+4])
means the indicator generates the "+1" signal.
If the last three bars (the zero bar is not considered) are falling:
(high[i+1]<high[i+2] && high[i+2]<high[i+3] && high[i+3]<high[i+4] && open[i+1]<open[i+2] && open[i+2]<open[i+3] && open[i+3]<open[i+4])
means the indicator generates the "-1" signal.
If the last three bars (the zero bar is not considered) are neither rising nor falling, the signal is "0".
At the same time, the indicator has the
Reverse signals
parameter — false/true values change the signal sign:
The module of trading signals based on Candels High Open is to be created in the near future (find out more on creating trading signal modules in the article ""). An Expert Advisor can be generated afterwards in MQL5 Wizard based on the trading signal module.
