Custom Indicator: Drawing Color Bars
Info
The Custom Indicator: Drawing Color Bars is a Indicator for MetaTrader 5 that this is an example indicator that draws bars for a specified instrument in a separate window. The color of the bars changes randomly every N ticks.
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 Custom Indicator: Drawing Color Bars
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 is an example indicator that draws bars for a specified instrument in a separate window.
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: custom macd indicator for metatrader 4/5 - another powerful indicator for MetaTrader 5 traders.
This is an example indicator that draws bars for a specified instrument in a separate window.Also recommended: supertrend indicator: atr-based trend following for metatrader 5 - similar indicator with strong performance on MetaTrader 5.
The color of the bars changes randomly every N ticks.
The N parameter of the indicator is external, allowing for manual adjustment in the indicator properties dialog box (Inputs tab).
Initially, 8 colors are set for Plot1 using the draw_color_bars style via a compiler directive.
In the function, the color is then randomly chosen from 14 colors stored in the colors[] array.
See also article.
You may also like: bar stats indicator: efficient mt5 tool for ea developers and traders - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_plots 1.......
⚠ 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.