candle shadow percent
Info
The candle shadow percent is a Indicator for MetaTrader 5 that the indicator finds candlesticks with a minimum or maximum shadow size. limitation on the size of the candlestick body.
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 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.
What this tool does
the indicator finds candlesticks with a minimum or maximum shadow size.
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: 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.
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: .
You may also like: Candle Timer for MT4/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.