Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis

Related: Quantora Account Health Monitor MT5: Professional Account Health and Risk Monitoring - another powerful indicator for MetaTrader 5 traders.

Quantora Candle Strength Analyzer MT5 is a professional price-action analysis indicator designed to evaluate the internal structure and strength of individual candles directly inside MetaTrader 5.

Also recommended: Quantora Trading Session Monitor MT5: Professional Market Session and Activity Analysis - similar indicator with strong performance on MetaTrader 5.

Instead of looking only at whether a candle is bullish or bearish, the indicator analyzes:

- Candle Body %
- Upper Wick %
- Lower Wick %
- Buyer Pressure %
- Seller Pressure %
- Candle Direction
- Candle Strength
- Wick Rejection
- Range Expansion / Compression
- Pressure Score

The results are displayed in a professional dashboard that provides a quick overview of the current candle's structure and market pressure.

The indicator can analyze either the currently forming candle or the last closed candle.



Main Features



- Real-time candle analysis
- Bullish / Bearish candle detection
- Candle Body percentage
- Upper Wick percentage
- Lower Wick percentage
- Buyer Pressure percentage
- Seller Pressure percentage
- Strong candle detection
- Moderate candle detection
- Weak / Indecision detection
- Upper Wick Rejection detection
- Lower Wick Rejection detection
- Candle range analysis
- Average range comparison
- EXPANSION detection
- NORMAL range detection
- COMPRESSION detection
- Pressure Score from -5 to +5
- Current Candle mode
- Closed Candle mode
- Adjustable analysis thresholds
- Adjustable range lookback
- Live Bid / Ask
- Live Spread
- Automatic dashboard updates
- Professional Quantora interface
- Free and open-source MQ5 code



Candle Structure Analysis



Every candle consists of three primary components:

- BODY
- UPPER WICK
- LOWER WICK

The indicator calculates each component as a percentage of the candle's total High-Low range.

For example:

Total Candle Range = 35 points
Body = 24 points → 68.57%
Upper Wick = 6 points → 17.14%
Lower Wick = 5 points → 14.29%

This allows the candle structure to be evaluated numerically rather than visually alone.



Candle Direction



The basic candle direction is determined from Open and Close.

- Close > Open → BULLISH
- Close < Open → BEARISH
- Close = Open → NEUTRAL

Direction alone, however, does not determine candle strength.

The Body percentage is also evaluated.



Candle Strength



The default Strong Body threshold is:

65%

If the candle body represents at least 65% of the entire candle range, the candle can be classified as:

STRONG BULLISH

or

STRONG BEARISH

depending on its direction.

The default Weak Body threshold is:

30%

A candle with a body percentage at or below this level is classified as:

WEAK / INDECISION

Candles between these thresholds can be classified as:

MODERATE BULLISH

or

MODERATE BEARISH

All thresholds can be customized from the indicator inputs.



Buyer / Seller Pressure



The indicator includes a simple candle-based Buyer/Seller Pressure model.

Buyer Pressure is calculated according to the location of the Close inside the candle's High-Low range:

Buyer Pressure = (Close - Low) / (High - Low) × 100

Seller Pressure is:

Seller Pressure = 100 - Buyer Pressure

Example:

BUY PRESSURE: 74.30%
SELL PRESSURE: 25.70%

The dashboard then classifies pressure as:

- BUYERS DOMINANT
- SELLERS DOMINANT
- BALANCED

Important

Buyer/Seller Pressure is a price-action proxy based on candle structure.

It is not exchange order flow, Level II data, bid/ask volume, footprint data or actual buyer/seller transaction volume.

This distinction is important when interpreting the indicator.



Wick Rejection Analysis



The indicator separately analyzes the upper and lower candle wicks.

Default Dominant Wick threshold:

45%

If the Upper Wick represents a sufficiently large portion of the candle range and dominates the Lower Wick:

UPPER REJECTION

is displayed.

If the Lower Wick dominates:

LOWER REJECTION

is displayed.

Otherwise:

BALANCED

is displayed.

This can help identify candles where price moved significantly away from one side of its range before closing.



Range Analysis



The indicator compares the current candle range with the average range of previous candles.

Default:

Lookback = 20 candles

The calculation is:

Range Ratio = Current Candle Range / Average Range × 100

Example:

Average Range = 28.7 points
Current Range = 34.5 points
Range Ratio = 120.2%



Range Classification



The current version uses three range states.

- EXPANSION
Range Ratio >= 150%
The current candle is significantly larger than the recent average.

- NORMAL
60% < Range Ratio < 150%
The candle is within the normal recent range environment.

- COMPRESSION
Range Ratio <= 60%
The current candle is significantly smaller than the recent average.

This provides additional context for interpreting candle strength.



Pressure Score



Quantora Candle Strength Analyzer combines several candle characteristics into a numerical Pressure Score.

Score range:

-5 → Strong Seller Pressure
0 → Balanced
+5 → Strong Buyer Pressure

The model considers:

- Candle Direction
- Candle Strength
- Buyer / Seller Pressure
- Wick Rejection

Example:

CANDLE DIRECTION: BULLISH
CANDLE STRENGTH: STRONG BULLISH
PRESSURE: BUYERS DOMINANT
WICK: LOWER REJECTION
PRESSURE SCORE: +5 / 5

A negative score represents bearish/seller-oriented candle characteristics.

A positive score represents bullish/buyer-oriented candle characteristics.



Current Candle / Closed Candle Mode



The indicator supports two analysis modes.

- Current Candle
Use Current Candle = true
The currently forming candle is analyzed.
Values can change continuously until the candle closes.

- Closed Candle
Use Current Candle = false
The most recently completed candle is analyzed.
This provides stable values that no longer change after candle close.



Example Dashboard

QUANTORA
CANDLE STRENGTH ANALYZER MT5
────────────────────────────────────

SYMBOL: EURUSD
TIMEFRAME: M15
SPREAD: 1.5 pts

CANDLE STRENGTH: STRONG BULLISH
PRESSURE SCORE: +4 / 5
DIRECTION: BULLISH
PRESSURE: BUYERS DOMINANT
RANGE: EXPANSION

CURRENT CANDLE STRUCTURE

BODY: 72.60%
UPPER WICK: 15.60%
LOWER WICK: 11.80%

BUY PRESSURE: 74.30%
SELL PRESSURE: 25.70%

WICK ANALYSIS: BALANCED

OPEN: 1.08710
HIGH: 1.08985
LOW: 1.08640
CLOSE: 1.08920

CANDLE RANGE: 0.00345
AVG RANGE: 0.00287
RANGE vs AVG: 120.2%

MODE:
CURRENT CANDLE



Adjustable Parameters



Default settings:

- Lookback Bars = 20
- Strong Body Percent = 65
- Weak Body Percent = 30
- Dominant Wick Ratio = 45
- Use Current Candle = true
- Update Interval = 2 seconds

These parameters can be customized according to the user's analysis methodology.



Supported Timeframes



The indicator operates on the timeframe of the chart where it is attached.

For example:

- M1
- M5
- M15
- M30
- H1
- H4
- D1

Changing the chart timeframe automatically changes the candle data being analyzed.



Supported Markets



Quantora Candle Strength Analyzer can be used on broker-supported MetaTrader 5 instruments, including:

- Forex
- Gold and other metals
- Indices
- Commodities
- Crypto CFDs
- Other supported symbols

Because the analysis is based primarily on OHLC candle structure, it can be applied to many different markets and timeframes.



Installation



Place:

- Quantora Candle Strength Analyzer MT5.mq5

inside:

- MQL5 → Indicators

Open the file with MetaEditor and compile it.

Then attach Quantora Candle Strength Analyzer MT5 to the desired MetaTrader 5 chart.

The dashboard will begin analyzing candle structure automatically.



Important Notes



The indicator is designed as a price-action analysis and monitoring tool.

Buyer/Seller Pressure represents the location of the candle Close within its High-Low range and should not be interpreted as actual order-flow volume.

When Current Candle mode is enabled, all values can change until the candle closes.

Strong Bullish, Strong Bearish, Buyer Dominant, Seller Dominant, Wick Rejection and Pressure Score classifications are analytical outputs based on the mathematical rules described above.

The indicator does not:

- Open trades
- Close trades
- Modify positions
- Set Stop Loss
- Set Take Profit
- Guarantee market direction
- Provide guaranteed BUY or SELL signals



Product Information

You may also like: Quantora Symbol Information Dashboard MT5 - Professional Symbol and Trading Specifications Panel - excellent alternative for indicator users on MetaTrader 5.

#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version   "1.00"
#property strict
#property indicator_chart_window
#property indicator_plots 0
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
input group "========== ANALYSIS SETTINGS =========="
input int    InpLookbackBars       = 20;
input double InpStrongBodyPercent  = 65.0;

.......

• 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.