Measure Popular Candles (MPC)
Info
The Measure Popular Candles (MPC) is a Script for MetaTrader 5 that this script, 'mpc - measure popular candles', measures and visually displays the frequency of various candlestick patterns. It was originally conceived to aid in the development of a special indicator, but its potential extends beyond that.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Measure Popular Candles (MPC)
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This script, 'MPC - Measure Popular Candles', measures and visually displays the frequency of various candlestick patterns.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Volatility Measure (VM) - another powerful script for MetaTrader 5 traders.
This script, 'MPC - Measure Popular Candles', measures and visually displays the frequency of various candlestick patterns. It was originally conceived to aid in the development of a special indicator, but its potential extends beyond that.Also recommended: open sell stop limit order - similar script with strong performance on MetaTrader 5.
The script identifies the most frequently occurring candlesticks within a specified range, considering the size of their bodies and shadows. It can be particularly useful for analyzing large, small, or average candlesticks and their occurrence patterns.
For instance, you can use the script to find the frequency of candlestick bodies with a size of 2 points or higher, with a step of 2 points, within a range of 1000 candlesticks. The default settings cover a body size range from 0 to 50 points.
Note that the script requires full historical data for accurate results and may experience delays without it. It does not include a rounding function, so minor deviations of one tick may occur.
Script Settings
- candlebegin: The starting candlestick for measurement, counted from the current candlestick (0) and moving left.
- candleend: The ending candlestick for the measurement range (recommended: 100 to 1000).
- bodybegin: The starting size of the candlestick body for the search.
- bodyend: The ending size of the candlestick body for the search.
- shadowbegin: The starting size of the candlestick shadow for the search.
- shadowend: The ending size of the candlestick shadow for the search.
- divisionsnumber: The number of parts into which the investigated range is divided; should be a multiple of two and not exceed the size of the candlestick shadow or body.
- bodycolor: Color scale for the candlestick body.
- shadowupcolor: Color scale for the upper shadow.
- shadowdowncolor: Color scale for the lower shadow.
- factorbody: Multiplier to adjust the visual representation of the candlestick body.
- factorshadow: Multiplier to adjust the visual representation of the candlestick shadow.
- xdistancebody: Padding from the left of the chart for the body scale.
- xdistanceshadowup: Padding from the left of the chart for the upper shadow scale.
- xdistanceshadowdown: Padding from the left of the chart for the lower shadow scale.
You may also like: test values print - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
input int candlebegin=0;
input int candleend=1000;
input int bodybegin=0;
input int bodyend=50;
input int shadowbegin=0;
input int shadowend=50;.......
⚠ 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.