Candlestick Index Blau CS I
Info
The Candlestick Index Blau CS I is a Indicator for MetaTrader 5 that candlestick index (csi) is a technical indicator that is based on the concept of candlestick momentum and is used to identify overbought and oversold states of the market. The values of Candlestick Index are normalized and mapped into the interval of -100 to +100.
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 Candlestick Index Blau CS I
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
Candlestick Index (CSI) is a technical indicator that is based on the concept of candlestick momentum and is used to identify overbought and oversold states of the market.
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: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - another powerful indicator for MetaTrader 5 traders.
Candlestick Index (CSI) is a technical indicator that is based on the concept of candlestick momentum and is used to identify overbought and oversold states of the market.Also recommended: institutional fractal dimension index (regime detector) - similar indicator with strong performance on MetaTrader 5.
The values of Candlestick Index are normalized and mapped into the interval of -100 to +100. Positive values of CSI correspond to overbought states of the market, while negative values correspond to oversold states of the market.
To use this indicator, the files williamblau.mqh and blau_csi.mq5 must be placed in the correct folders in the terminal data folder.
Candlestick Index by Blau is calculated using a formula that takes into account the number of bars used in the calculation, the close price, the open price, and the lowest and highest prices over a given period.
The calculation involves the following steps:
- The q-period candlestick momentum is calculated as the difference between the close price and the open price q bars ago.
- The price range is calculated as the difference between the highest and lowest prices over the given period.
- The candlestick momentum is then smoothed using three exponential moving averages (EMA) with periods r, s, and u.
The input parameters for this indicator include:
- q: the number of bars used in the calculation of candlestick momentum (default is 1)
- r: the period of the first EMA (default is 20)
- s: the period of the second EMA (default is 5)
- u: the period of the third EMA (default is 3)
- appliedprice1: the price used for the close price (default is price_close)
- appliedprice2: the price used for the open price (default is price_open)
Note that q must be greater than 0, and r, s, and u must be greater than 0. If r, s, or u are equal to 1, smoothing is not used. The minimum number of rates required for this indicator is (q-1+r+s+u-3+1).
You may also like: relative strength index of volatility - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <williamblau.mqh> // include file (terminal_data_folder\mql5\include)
#property indicator_separate_window // indicator in a separate window
#property indicator_buffers 13 // number of buffers used
#property indicator_plots 1 // number of graphic plots
#property indicator_level1 -25 // level #0
#property indicator_level2 25 // level #1
#property indicator_levelcolor silver // level line color.......
⚠ 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.