Candlestick Momentum Index (CMI) for MT5
Info
The Candlestick Momentum Index (CMI) for MT5 is a Indicator for MetaTrader 5 that candlestick momentum index (cmi) indicatorthe candlestick momentum index (cmi) is an indicator described by william blau. This indicator is normalized and mapped to the [-100, +100] interval.
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 Momentum Index (CMI) for MT5
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 Momentum Index (CMI) IndicatorThe Candlestick Momentum Index (CMI) is an indicator described by William Blau.
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 painting based on momentum and news impact - another powerful indicator for MetaTrader 5 traders.
Candlestick Momentum Index (CMI) IndicatorAlso recommended: momentum indicator: a powerful tool for trend analysis and leading signals - similar indicator with strong performance on MetaTrader 5.
The Candlestick Momentum Index (CMI) is an indicator described by William Blau. This indicator is normalized and mapped to the [-100, +100] interval. Positive CMI values indicate overbought market conditions, while negative values suggest oversold conditions.
Installation:
1. Place the file willamblau.mqh in the following directory: \mql5\include\
2. Place the file blau_cmi.mq5 in the following directory: \mql5\indicators\
Calculation:
The Candlestick Momentum Index is calculated using the following formula:
CMI = (Triple Smoothed Candlestick Momentum) / (Absolute Value of Triple Smoothed Candlestick Momentum) * 100
Where:
- q is the number of bars used in the calculation of candlestick momentum.
- price1 is the closing price.
- price2 is the opening price q bars ago.
- cmtm(price1, price2, q) = price1 - price2 (candlestick momentum).
- |cmtm(price1, price2, q)| is the absolute value of candlestick momentum.
- cmtm(price, q, r, s, u) is the triple smoothed candlestick momentum.
- ema(..., r) is the first smoothing EMA with period r, applied to:
- Candlestick momentum.
- Absolute value of candlestick momentum.
- ema(ema(..., r), s) is the second smoothing EMA with period s, applied to the result of the first smoothing.
- ema(ema(ema(..., r), s), u) is the third smoothing EMA with period u, applied to the result of the second smoothing.
Input Parameters:
- q: Number of bars for candlestick momentum calculation (default: 1).
- r: Period for the first EMA smoothing applied to candlestick momentum (default: 20).
- s: Period for the second EMA smoothing applied to the first smoothing result (default: 5).
- u: Period for the third EMA smoothing applied to the second smoothing result (default: 3).
- appliedprice1: The first price to use in calculations (default: price_close).
- appliedprice2: The second price to use in calculations (default: price_open).
Notes:
- q must be greater than 0.
- r, s, and u must be greater than 0. If r, s, or u is 1, smoothing is not applied.
- Minimum bars required for calculation = (q - 1 + r + s + u - 3 + 1).
This indicator is suitable for analysis in MetaTrader 5 and was updated for 2026.
You may also like: heiken-ashi indicator: a synthetic candlestick approach - 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 11 // 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 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.