X2 MA Transform Candles Indicator
Info
The X2 MA Transform Candles Indicator is a Indicator for MetaTrader 5 that the indicator transforms price data into a new coordinate system based on indicator values. It utilizes the distance between the high, low, open, and close of source candlesticks and the X2MA moving average to define candlestick parameters.
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 X2 MA Transform Candles 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
The indicator transforms price data into a new coordinate system based on indicator values.
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: xander pulse candles - another powerful indicator for MetaTrader 5 traders.
The indicator transforms price data into a new coordinate system based on indicator values.It utilizes the distance between the high, low, open, and close of source candlesticks and the X2MA moving average to define candlestick parameters.
Also recommended: heiken-ashi indicator: a synthetic candlestick approach - similar indicator with strong performance on MetaTrader 5.
This transformation results in an altered candlestick chart that functions identically to a common chart for technical analysis, allowing the application of custom and standard technical indicators.The indicator's zero level corresponds to the moving average's position.
Supported Moving Average Types:
- 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
Note: The 'phase1' and 'phase2' parameters have distinct meanings across different smoothing algorithms.
For JMA, 'phase' is an external variable ranging from -100 to +100.
For T3, it represents a smoothing ratio multiplied by 100 for enhanced visualization.
For VIDYA, it is the CMO oscillator period.
For AMA, it is the slow EMA period.
For other algorithms, these parameters do not influence smoothing.
For AMA, the fast EMA period is fixed at 2 by default.
The exponent ratio is also fixed at 2 for AMA.
This indicator requires the 'smoothalgorithms.mqh' library. Please ensure it is copied to your terminal_data_folder\mql5\include directory.
Detailed usage instructions for these classes can be found in the associated article.
Input Parameters:
You may also like: color candles daily - 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_separate_window
#property indicator_buffers 6
#property indicator_plots 2
#property indicator_type2 draw_color_candles
#property indicator_color2 dodgerblue, red
#property indicator_label2 "x2matransformcandles open;x2matransformcandles high;x2matransformcandles low;x2matransformcandles 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.