Candles High Open Indicator and EA
Info
The Candles High Open Indicator and EA is a Indicator for MetaTrader 5 that the entire chain consists of an indicator signal module and an ea based on this module. The indicator generates signals based on the last three bars (excluding the zero bar).
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 Candles High Open Indicator and EA
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 entire chain consists of an indicator signal module and an EA based on this module.
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: Heikin Ashi Candlesticks - another powerful indicator for MetaTrader 5 traders.
The entire chain consists of an indicator signal module and an EA based on this module.The indicator generates signals based on the last three bars (excluding the zero bar).
Also recommended: Session Time Highlighter for MT4/MT5 - similar indicator with strong performance on MetaTrader 5.
If the last three bars are rising:
- high[i+1] > high[i+2] && high[i+2] > high[i+3] && high[i+3] > high[i+4]
- open[i+1] > open[i+2] && open[i+2] > open[i+3] && open[i+3] > open[i+4]
The indicator generates a '+1' signal.
If the last three bars are falling:
- high[i+1] < high[i+2] && high[i+2] < high[i+3] && high[i+3] < high[i+4]
- open[i+1] < open[i+2] && open[i+2] < open[i+3] && open[i+3] < open[i+4]
The indicator generates a '-1' signal.
If the last three bars are neither rising nor falling, the signal is '0'.
The indicator also has a reverse signals parameter. When set to true, it changes the signal sign.
A trading signals module based on Candles High Open is planned for future development. This module will enable the creation of an Expert Advisor (EA) in the MQL5 Wizard, allowing for automated trading based on the generated signals.
You may also like: HTF Candles (ICT Power of Three): Higher Timeframe Candles Displayed - 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.