Candle Code Indicator
Info
The Candle Code Indicator is a Indicator for MetaTrader 5 that indicator candle code displays the 'code' of candlesticks as lines in a separate window, based on the ratio of each candle's parameters. Each parameter has a specific weight in the overall candle representation:- Candlestick body size- Upper candlestick shadow size- Lower candlestick shadow size- Candle direction (bullish/bearish)- Gap between adjacent candlesticksIf a parameter's weight exceeds twice the average range, its value is assigned.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Candle Code Indicator
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.
What this tool does
Indicator Candle Code displays the 'code' of candlesticks as lines in a separate window, based on the ratio of each candle's parameters.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Heikin Ashi Candlesticks - another powerful indicator for MetaTrader 5 traders.
Indicator Candle Code displays the 'code' of candlesticks as lines in a separate window, based on the ratio of each candle's parameters. Each parameter has a specific weight in the overall candle representation:Also recommended: HTF Candles (ICT Power of Three): Higher Timeframe Candles Displayed - similar indicator with strong performance on MetaTrader 5.
- Candlestick body size
- Upper candlestick shadow size
- Lower candlestick shadow size
- Candle direction (bullish/bearish)
- Gap between adjacent candlesticks
If a parameter's weight exceeds twice the average range, its value is assigned. Otherwise, the weight is adjusted by multiplying the parameter range by the weight and dividing it by twice the average range.
A moving average is then calculated using the weighted data of each candle, which can be displayed in the chart (disabled by default). This line is further smoothed to create the primary indicator line (Primary MA). The secondary indicator line (Secondary MA) is derived by smoothing the primary line.
The indicator has the following input parameters:
- Body Size Weight: Weight assigned to the candlestick body.
- Upper Shadow Weight: Weight for the upper candle shadow.
- Lower Shadow Weight: Weight for the lower candle shadow.
- Candle Direction Weight: Weight for the candle direction.
- Gap Weight: Weight for the gap between adjacent candles.
- Show Weights Data Line: Option to display the line representing the calculated weight data of each candlestick (Yes/No).
- First MA Period: Period for calculating the first smoothing moving average based on candlestick weights.
- First MA Method: Method for calculating the first moving average.
- Second MA Period: Period for calculating the second smoothing moving average based on the first MA.
- Second MA Method: Method for calculating the second moving average.
Example calculation for candlestick body weight:
If abs(open-close) >= avg(open-close)
bodysize = bodyweight
Otherwise
bodysize = bodyweight * (abs(open-close)) / avg(open-close)
Figures:
Fig 1. Default weights.
Fig 2. Candlestick direction weight = 512.
Fig 3. Default weights, show data = yes.
You may also like: Vela Mayor MTF: Higher Timeframe Candle Overlay for MT5 - excellent alternative for indicator 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.