candle filter

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

main featurescandle filtering:

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

the indicator allows you to display only those candles that meet a certain criterion:

bullish: displays only bullish candles.

bearish: displays only bearish candles.

doji: displays only doji candles.

all: displays all candles with their respective colours. doji candle detection:
the detection of doji candles is based on a configurable threshold (`inpdojithreshold`), which defines the ratio between the body of the candle and its total range. this guarantees accuracy in identifying neutral candles.
candle filtering: colour customisation:
the trader can define custom colours for each type of candle:
- bullish: default colour is green (`clrforestgreen`). - bearish: default colour is dark red (`clrdarkred`). - doji: default colour is gold (`clrgold`). - bottom: default colour is black (`clrblack`).
chart cleaning:
the indicator removes unnecessary visual elements from the chart, such as grids, volumes and period separators, to facilitate visual analysis.
how it works:
1. initialisation (`oninit`):
buffers are mapped to store ohlc values (open, high, low, close) and the corresponding colours. custom colours are assigned to the indicator's colour indices. the chart is cleaned up by removing unnecessary visual elements.
2. main calculation (`oncalculate`)
for each candle on the chart, the indicator checks whether it meets the selected criterion (`inpcandleshow`). candles that do not meet the criterion are displayed in background colour (`inpbackgroundcolor`). candles that meet the criterion are displayed with custom colours.
3. deinitialisation (`ondeinit`):
when the indicator is removed, the original chart settings are restored, ensuring that the trading environment returns to its initial state.
usage examples:

trend analysis: set `inpcandleshow` to `showbullish` or `showbearish` to focus only on candles that indicate an uptrend or downtrend.

identifying neutral zones:
use `showdoji` to highlight neutral candles and identify possible reversal or consolidation points.

full visualisation: choose `showallcandle` to display all candles with their respective colours, allowing an overview of market behaviour. improvements implemented:

accurate doji detection: the use of a configurable threshold (`inpdojithreshold`) ensures that only truly neutral candles are classified as doji.

full customisation: the trader has complete control over the colours and background of the chart.

automatic cleaning: the indicator automatically removes unnecessary visual elements, improving the readability of the chart.

You may also like: Alpha Beta Trend Filter with Multi-Timeframe Matrix Dashboard - excellent alternative for indicator users on MetaTrader 5.

яю//+------------------------------------------------------------------+
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version   "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots   1
#property indicator_label1  "Candle Filter"
#property indicator_type1   DRAW_COLOR_CANDLES
#property indicator_color1  clrForestGreen, clrDarkRed, clrGold, clrBlack

.......

• 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.