Candle Size Indicator
Info
The Candle Size Indicator is a Indicator for MetaTrader 5 that this indicator displays the size of each candle. The size is calculated using a formula where a 'minuend' value (Open, High, Low, or Close) is subtracted from a 'deduction' value (Open, High, Low, or Close).
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 Size 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
This indicator displays the size of each candle.
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: Candle Timer Countdown for MetaTrader 5 - another powerful indicator for MetaTrader 5 traders.
This indicator displays the size of each candle.Also recommended: Risk Lot Calculator: Calculate Lot Size Based on Risk and Stop Loss - similar indicator with strong performance on MetaTrader 5.
The size is calculated using a formula where a 'minuend' value (Open, High, Low, or Close) is subtracted from a 'deduction' value (Open, High, Low, or Close).The number of historical bars for which the size is calculated and displayed can be limited using the 'inp_number_of_bars' input parameter. This limit remains fixed even when a new bar opens.
Graphical Objects Management
The names of the graphical objects created by the indicator are stored in the m_arr_names[] array. The size of this array is determined by the 'inp_number_of_bars' input. Using an array provides a flexible structure for potential future enhancements.
Object Name Formation
The name for an object corresponding to a specific bar (identified by 'index') is generated using a defined formula.
Object Deletion
All created graphical objects are systematically deleted under the following circumstances:
- When the indicator is removed from the chart.
- When the MetaTrader terminal is closed (if the indicator is active on a chart).
- When a chart template is loaded (if the indicator is running on that chart).
- When a chart is closed (if the indicator was running on it).
- When the profile is changed (if the indicator was running on a chart in the previous profile).
- When the symbol and/or timeframe of the chart is changed (if the indicator is running on that chart).
- When the indicator's input parameters are modified.
To ensure complete removal, graphical objects are deleted in the following functions:
- In 'OnDeinit()'.
- In 'OnInit()' (as a safeguard against any remaining orphan objects).
- In 'OnCalculate()' when 'prev_calculated' is 0.
The m_arr_names[] array is also cleared in these instances:
- In 'OnCalculate()' when 'prev_calculated' is 0.
- In 'OnCalculate()' when 'prev_calculated' is not equal to 'rates_total' (indicating a change in the number of bars).
Maintaining a Constant Number of Graphical Objects
When new bars appear, the condition 'prev_calculated != rates_total' is met. This triggers the deletion of all existing objects and clears the m_arr_names[] array, ensuring a consistent count of graphical objects.
You may also like: Heikin Ashi Candlesticks - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.001"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 0
#property indicator_plots 0.......
⚠ 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.