twr
Info
The twr is a Indicator for MetaTrader 5 that twr is calculated based on the color of the previous bar and the closing price of the current bar, ignoring other price information, and redrawing the candle chart using the closing price. Color definition:Red indicates a rise.
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 twr
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
twr is calculated based on the color of the previous bar and the closing price of the current bar, ignoring other price information, and redrawing the candle chart using the closing price.
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: Supply Demand Zones: Identifying Key Price Reaction Areas - another powerful indicator for MetaTrader 5 traders.
twr is calculated based on the color of the previous bar and the closing price of the current bar, ignoring other price information, and redrawing the candle chart using the closing price.Also recommended: Spread Heatmap: Hourly Spread Analysis by Day and Time - similar indicator with strong performance on MetaTrader 5.
Color definition:
Red indicates a rise.
Green indicates a drop.
Define the color of the first bar:
Open > Close - Green; Open < Close - Red.
Note: The actual code's index order is the opposite.
Open[0] - The current opening price.
Close[0] - The current closing price.
Open[1] - The opening price of the previous bar.
Close[1] - The closing price of the previous bar.
The calculation principle is as follows:
1. Upward trend:
Figure 1: Calculation principle of an upward trend.
2. Down trend:
Figure 2: Calculation principle of a down trend.
Classic turning signal of indicators:
Figure 3: Upward trend signal turn.
Figure 4: Downtrend signal turn.
3. Noise signal filtering: We can add EMA to filter noise signals and improve signal quality. If twr provides a trend signal and the bar closes above or below the EMA, the trend is confirmed.
Figure 5: Example.
You may also like: Candle Timer Countdown for MetaTrader 5 - 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 8
#property indicator_plots 3
#include <movingaverages.mqh>
#property indicator_label1 "t1 open;t1 close"
#property indicator_type1 draw_color_histogram2
#property indicator_style1 style_solid.......
⚠ 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.