candlesticks bw
Info
The candlesticks bw is a Indicator for MetaTrader 5 that vladimirthe indicator colors the candlesticks according to b. williams:uptrend and growing candles - aqua; uptrend and falling candles - blue; no trend and growing candles - green; no trend and falling candles - red; downtrend and growing candles - purple; downtrend and falling candles - magenta originally this indicator has been written in mql4 and was first published in the on 13.
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 candlesticks bw
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
vladimirthe indicator colors the candlesticks according to b.
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: Smoothed Candlesticks Indicator - another powerful indicator for MetaTrader 5 traders.
vladimir
the indicator colors the candlesticks according to b. williams:
Also recommended: Higher Timeframe Background Candlesticks Indicator - similar indicator with strong performance on MetaTrader 5.
uptrend and growing candles - aqua;
uptrend and falling candles - blue;
no trend and growing candles - green;
no trend and falling candles - red;
downtrend and growing candles - purple;
downtrend and falling candles - magenta
originally this indicator has been written in mql4 and was first published in the on 13.02.2008.
fig.1. the candlesticksbw indicator
You may also like: Background Candlesticks Indicator for MetaTrader 5 - 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"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_type1 draw_color_candles
#property indicator_color1 clraqua,clrblue,clrgreen,clrred,clrpurple,clrmagenta
#property indicator_label1 "candlesticksbw/open;high;low;close".......
⚠ 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.