Color Day
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 Color Day
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 Color Day indicator colors the bullish and bearish days.
If the daily Close is greater than Open, colors in blue (customizable in settings).
If the daily Close is less than Open, colors in red (customizable in settings).
Copy the Open, Close prices and opening time for the specified number of days
Days
:
to the corresponding arrays:
Before installing the indicator to the chart, set the dimension of arrays:
Assign the values of array cells to variables and determine the daily closing time
time1
:
Using the
PutRect()
function:
Color the day depending on where the price went:
Iterate over all days specified in the
Days
parameter in a cycle:
When deleting the indicator from the chart using the
DeleteObjects()
function:
remove the created objects from the chart:
Settings:
Fig. 1. The indicator on the chart
Tips:
The
Color Day
indicator — visual trading assistant.
