stochastic momentum colour candles
Info
The stochastic momentum colour candles is a Indicator for MetaTrader 5 that based on the stochastic momentum indicator according to william blau by andrey f. zelinsky , i came up with the idea of not only showing the closing price but also finding out more about the development of the bars.
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 stochastic momentum colour 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
based on the stochastic momentum indicator according to william blau by andrey f.
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: Quantora Multi-Timeframe RSI Dashboard MT5 - Professional RSI Momentum Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Multi-Timeframe MACD Dashboard MT5 - Professional Momentum and Trend Analysis - similar indicator with strong performance on MetaTrader 5.
based on the stochastic momentum indicator according to william blau by andrey f. zelinsky , i came up with the idea of not only showing the closing price but also finding out more about the development of the bars. the idea with the bars is not new either, the principle can be found here:not much has changed, except that the calculation of the stochastic momentum has been carried out for all four buffers (ohlc).
there are two formulas of the stochastic momentum with period q:
stochmom(price,q) = price - 1/2 * [ll(q) + hh(q)]
(the result is an absolute value of the price movement compared to the mean value)
resp.
stochmom(price,q) = (100 * price) / (1/2 * [ll(q) + hh(q)])
(the result is a percentage value of the price movement when the mean value is 100%)
these are both implemented and can be switched using inpformula.
the stochastic momentum indicates how far the closing price of the last bar has moved away from the average between the highest and lowest price of the last q bars. however, this calculation can be performed in exactly the same way for open, high and low.
stochastic momentum can be used in a similar way to normal momentum. trends are indicated by the value remaining above or below the centre line for a longer period of time. crossing the centre line can indicate a change in direction. after a longer trend in particular, crossing and then crossing back over the centre line can indicate a continuation of the trend. you can also query the colour buffer to find out the direction of the bar movement.
sometimes the movement of the current bar goes so far that the centre line shifts and the bar is displayed shifted (long bar in the image above). whether this artefact is useful or not has yet to be tested.
You may also like: stochastic multi-timeframe indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property link "https://robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property indicator_separate_window // indicator in a separate window
#property indicator_buffers 5 // number of buffers used
#property indicator_plots 1 // number of plots
#property indicator_level1 0.0
#property indicator_level1 100.0
#property indicator_label1 "SM Candles" // label of plot #0
#property indicator_type1 DRAW_COLOR_CANDLES // draw as a line.......
⚠ 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.