candle sizes
Info
The candle sizes is a Indicator for MetaTrader 5 that the indicator shows the size of candlestick elements. one histogram bar corresponds to a certain element size on a current candlestick, the histogram line indicates the daily average value of selected elements.
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 sizes
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 shows the size of candlestick elements.
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 shows the size of candlestick elements. one histogram bar corresponds to a certain element size on a current candlestick, the histogram line indicates the daily average value of selected elements. a histogram bar changes its color to the color of the line if the element size exceeds the daily average.input parameters:
inptype — display type (show the size of upper shadows, lower shadows or bodies);
inpclr — histogram color (if the element size exceeds the daily average);
inpneutralclr — neutral color, if the element size doesn't exceed the daily average.
tips:
analyze the values of upper shadows after an uptrend movement, and the values of lower shadows — after a downtrend movement (trend reversal).
it can be used as a confirming signal to determine important price levels (instead of a candlestick patterns indicator).
it can be used as a basis for developing candlestick indicators.
the indicator can work on timeframes up to Н2.
You may also like: Candle Timer for MT4/MT5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_plots 2
#property indicator_buffers 3
#property indicator_minimum 0
#property indicator_type1 draw_color_histogram
#property indicator_label1 "candlesize"
#property indicator_type2 draw_line.......
⚠ 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.