color keltner candles
Info
The color keltner candles is a Indicator for MetaTrader 5 that this indicator colors candlesticks in different colors depending on the strength and direction of the trend, using keltner channels. the indicator is based on five symmetrical keltner channels with different values of deviation in inputs.
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 color keltner candles
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
this indicator colors candlesticks in different colors depending on the strength and direction of the trend, using keltner channels.
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: macd histogram indicator (multi-color) - another powerful indicator for MetaTrader 5 traders.
this indicator colors candlesticks in different colors depending on the strength and direction of the trend, using keltner channels.
Also recommended: macd multi-color histogram with signal line - similar indicator with strong performance on MetaTrader 5.
the indicator is based on five symmetrical keltner channels with different values of deviation in inputs. if a channel with a higher deviation is broken, a candlestick is colored in a brighter color. for a growing market shades of green and lime are used, for a falling market shades of red, pink and brown are used.five deviation levels and ten colors for trend display are used in the indicator. if there is no breakout of the lowest deviation level, the candlestick color will not change.
the indicator uses smoothalgorithms.mqh library classes (copy it to
<terminal_data_folder>
\mql5\include). the use of the classes was thoroughly described in the article .
‌
fig1. the colorkeltnercandles‌ indicator
You may also like: keltner channel breakout signal indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.