Candle Size
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. 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 Candle Size
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
The indicator searches for candlesticks on the price chart that are larger than the size specified in the settings and marks them on the chart.You can choose two types of candlestick size measurement (Units of Calculation): Points and Percentages.
Points
- the size will be calculated in points. (for a five-digit quote, a point = 0.00001 and similarly for others)
Percentages
- the candlestick size will be calculated in percentages.You can also choose between which values to measure (Between Levels):
High/Low
- Between the maximum and minimum of the candlestick.
Open/Close
- between the opening and closing prices.
Upper Shadow
- the size of the upper shadow of the candlestick.
Lower Shadow
- the size of the lower shadow.Select the unit of measurement and between which levels to measure, then use the
Size Definitions
parameter in the indicator to set the desired candlestick size level.If the indicator detects a candle with the specified parameters on the price chart, it will mark it using one of the methods selected in the settings.
