candle code

Related: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.

Also recommended: Quantora Candle Countdown MT5: Professional Real-Time Candle Timer - similar indicator with strong performance on MetaTrader 5.

indicator candle_code displays in a separate window the "code" of candlesticks as lines built on the ratio of each candle's parameters. each parameter of one candlestick has its weight within the general view of its candle:

candlestick body size;

upper candlestick shadow size;

lower candlestick shadow size;

candle direction;

a gap between the adjacent candlesticks (the current one and the previous one).
if the parameter weight exceeds the doubled average range, the value of its weight will be assigned to it; if it does not, then its weight in the general candle view will be its weight multiplied by the parameter range and divided by its doubled average range.
then, on the data calculated for each candle, a moving average (weights data) will be built that displays in the chart the data of all candlesticks available within the history (displaying this line is disabled by default). then this line is smoothed to display the primary indicator line (primary ma). the secondary indicator line (secondary ma) is built by smoothing the primary one.
the indicator has 10 input parameters:

body size weight
- candlestick body weight;

upper shadow weight
- upper candle shadow weight;

lower shadow weight
- lower candle shadow weight;

candle direction weight
- candle direction (bullish/bearish) weight;

gap weight
- weight of the distance between the adjacent candles;

show weights data line
- whether to display the line of the general calculated weight data of each candlestick or no (yes/no);

first ma period
- period of calculating the first smoothing moving average to be calculated by the line of candlestick weights;

first ma method
- first moving average calculation method;

second ma period
- period of calculating the second smoothing moving average to be calculated by the data of the first ma;

second ma method
- second moving average calculation method.
exemplary calculations of the candlestick body weight:
if abs(open-close) >= avg(open-close)
bodysize = bodyweight
otherwise
bodysize = bodyweight * (abs(open-close)) / avg(open-close)
where:
fig 1. default weights.
fig. 2. candlestick direction weight = 512
figure 2. default weights, show data = yes

You may also like: Volume Strength Compass by Bhanu Code Lab - excellent alternative for indicator users on MetaTrader 5.

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• 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.