Candle shadow percent
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 Candle shadow percent
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 indicator finds candlesticks with a minimum or maximum shadow size. Limitation on the size of the candlestick body.
Inputs:
The candlestick body parameter
The minimum size of the candlestick body
Parameters of the upper shadow
true -> display candlesticks based on the upper shadow
The size of the upper shadow (as a percentage of the body)
true -> minimum size, false -> maximum size
Symbol code (32-255)
Parameters of the lower shadows
true -> display candlesticks based on the lower shadow
The size of the lower shadow (as a percentage of the body)
true -> minimum size, false -> maximum size
Symbol code (32-255)
The shift parameter
The vertical shift of the arrows (0-255)
An example of search based on the upper shadow, the size of the upper shadow is set as the MAXIMUM size. In other words, we are looking for the upper shadow, which does not exceed the specified MAX value:
An Expert Advisor based on this indicator is available here: .
