Smoothed Candlesticks Indicator
Info
The Smoothed Candlesticks Indicator is a Indicator for MetaTrader 5 that this indicator applies smoothing to all components of a price candlestick: open, high, low, and close. The indicator offers a clear visual representation of the current market trend.
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 Smoothed Candlesticks Indicator
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 applies smoothing to all components of a price candlestick: open, high, low, and close.
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: AIS Smoothed Linear Trend Indicator - another powerful indicator for MetaTrader 5 traders.
This indicator applies smoothing to all components of a price candlestick: open, high, low, and close.Also recommended: heiken ashi smoothed indicator - similar indicator with strong performance on MetaTrader 5.
The indicator offers a clear visual representation of the current market trend. The color of a candlestick signifies the trend direction, and its body size indicates the strength of the current trend.Supported Smoothing Methods:
- Simple Moving Average
- Exponential Moving Average
- Smoothed Moving Average
- Linear Weighted Moving Average
- JMA Adaptive Average
- Ultralinear Smoothing
- Parabolic Smoothing
- Tillson's Multiple Exponential Smoothing
- Smoothing using Tushar Chande's Algorithm
- Smoothing using Perry Kaufman's Algorithm
It is important to note that the phase type parameters for different smoothing algorithms have distinct meanings. For JMA, it is an external phase variable ranging from -100 to +100. For T3, it is a smoothing ratio multiplied by 100 for improved visualization. For VIDYA, it represents the CMO oscillator period, and for AMA, it is the slow EMA period. In other algorithms, these parameters do not influence the smoothing process.
For AMA, the fast EMA period is a fixed value set to 2 by default. The exponentiation ratio is also set to 2 for AMA.
The indicator utilizes classes from the smoothalgorithms.mqh library. These classes must be copied to the terminal_data_folder\mql5\include directory.
You may also like: smoothed accelerator indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_type1 draw_color_candles
#property indicator_color1 slateblue, magenta
#property indicator_label1 "smoothed candles open; smoothed candles high; smoothed candles low; smoothed candles close".......
⚠ 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.