oh l c candles with ask and bid
Info
The oh l c candles with ask and bid is a Indicator for MetaTrader 5 that this is a candlestick chart which connects the high of the candle to the ask price if it is currently higher than the current high. the bid price is argued to always be the same as the close price, but it is also included in the logic either way so that the low of the candle connects to the bid price if it is ever lower.
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 oh l c candles with ask and bid
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 a candlestick chart which connects the high of the candle to the ask price if it is currently higher than the current high.
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: SMC Order Block Detector with Alert for MT5 - another powerful indicator for MetaTrader 5 traders.
this is a candlestick chart which connects the high of the candle to the ask price if it is currently higher than the current high. the bid price is argued to always be the same as the close price, but it is also included in the logic either way so that the low of the candle connects to the bid price if it is ever lower.
Also recommended: SAX Forecaster: Predictive Market Analysis with Symbolic Strings - similar indicator with strong performance on MetaTrader 5.
the ask price is always higher than the bid so it makes sense to connect the candles to the ask and bid this way, and it leaves no prices and spreads hidden. the ask line can always be activated on the chart, but ask prices are more tangible if they are seen this way.normal ohlc chart:
ohlc with ask and bid:
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_plots 1
#property indicator_type1 DRAW_COLOR_CANDLES
#property indicator_color1 clrGreen, clrRed, clrGray
double OpenBuffer[];
double HighBuffer[];.......
⚠ 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.