Candlestick Momentum Blau CMtm
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Candlestick Momentum Blau CMtm
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.
Description & Settings
Candlestick Momentum Indicator (q-period Candlestick Momentum) by William Blau is described in the book .
WilliamBlau.mqh must be placed in
terminal_data_folder
\MQL5\Include\
Blau_CMtm.mq5 must be placed in
terminal_data_folder
\MQL5\Indicators\
Momentum is the difference between the current price (for example, closing price of the bar) and the previous price (several bars ago). Momentum can be applied to any timeframe and period.
According to William Blau, the Candlestick Momentum is defined as a change of the price over the fixed interval:
where:
close - close price of the bar (candle);
open - open price of the bar (candle).
Candlestick momentum can be plus or minus in the sense that an up momentum is positive when the close is greater than the open; the reverse is true when the open is greater than the close giving a negative value to the downward momentum.
The definintion of Candlestick Momentum can be extended:
Candlestick Momentum can be applied to any timeframe;
The applied price (closing price, open price) may vary.
The definition of the q-period Candlestick Momentum
Candlestick Momentum Indicator by William Blau
Calculation:
The formula for calculation of Candlestick Momentum looks as follows:
where:
q - number of bars, used in calculation of Candlestick Momentum;
price1 - close price;
price2[q–1] - open price q bars ago.
The smoothed q-period Candlestick Momentum is calculated as follows:
where:
q - number of bars, used in calculation of q-period Candlestick Momentum;
price1 - close price;
price2 - open price q bars ago;
cmtm(price1,price2,q)=price1-price2[q-1] - q-period Candlestcik Momentum;
EMA(cmtm(price1,price2,q),r) - 1st smoothing - EMA (r), applied to q-period Candlestick Momentum;
EMA(EMA(...,r),s) - 2nd smoothing - EMA(s), applied to result of the 1st smoothing;
EMA(EMA(EMA(...,r),s),u) - 3rd smoothing - EMA(u), applied to result of the 2nd smoothing.
Input parameters:
q - period of Candlestick Momentum Indicator (by default q=1);
r - period of the 1st EMA, applied to Candlestick Momentum (by default r=20);
s - period of the 2nd EMA, applied to result of the 1st smoothing (by default s=5);
u - period of the 3rd EMA, applied to result of the 2nd smoothing (by default u=3);
AppliedPrice1 - (by default AppliedPrice=PRICE_CLOSE);
AppliedPrice2 - (by default AppliedPrice=PRICE_OPEN).
Note:
q>0;
r>0, s>0, u>0. If r, s or u are equal to 1, the smoothing is not used;
Min. rates =(q-1+r+s+u-3+1).
