MACD Candles
Info
The MACD Candles is a Indicator for MetaTrader 5 that this indicator calculates four macd values (of open, close, high, and low) and constructs macd candles from these values. The color of the candles and the trend they indicate depend on the MACD of open and close, rather than on slope or similar indicators.
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 MACD 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 calculates four MACD values (of open, close, high, and low) and constructs MACD candles from these values.
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: Heikin Ashi Candlesticks - another powerful indicator for MetaTrader 5 traders.
This indicator calculates four MACD values (of open, close, high, and low) and constructs MACD candles from these values.Also recommended: HTF Candles (ICT Power of Three): Higher Timeframe Candles Displayed - similar indicator with strong performance on MetaTrader 5.
The color of the candles and the trend they indicate depend on the MACD of open and close, rather than on slope or similar indicators. A deviation from the traditional MACD calculation is introduced by allowing the use of four types of averages: SMA, SMMA, LWMA, and EMA. These averages are used with the same calculation periods, providing flexibility in MACD construction.
This indicator does not include a signal line or price data.
You may also like: Heiken Ashi ATR Blend: Smoothed Candles and Early Entry Signals - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_label1 "macd candles"
#property indicator_type1 draw_color_candles
#property indicator_color1 clrgray,clrlimegreen,clrsandybrown
enum enmatypes.......
⚠ 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.