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MP C - Measure Popular Candles
Info
The MP C - Measure Popular Candles is a Script for MetaTrader 5 that the idea of creating the scripti want to introduce you a small script "mpc - measure popular candles"which measures (searches) the most frequently occurring candlesticks. This script visually displays the scale using the previously set parameters.
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 MP C - Measure Popular Candles
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
The idea of creating the scriptI want to introduce you a small script "MPC - Measure Popular Candles"which measures (searches) the most frequently occurring candlesticks.
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: VM - Volatility Measure - another powerful script for MetaTrader 5 traders.
The idea of creating the script
I want to introduce you a small script
"MPC - Measure Popular Candles"
Also recommended: Open Sell Stop Limit Order - similar script with strong performance on MetaTrader 5.
which measures (searches) the most frequently occurring candlesticks.This script visually displays the scale using the previously set parameters. This script displays the frequency of candlesticks which have different size of bodies and shadows. The idea to develop the script appeared when drawing a special indicator which should get settings considering the size of candlesticks bodies. Unfortunately, the idea didn't fulfill expectations.
This script can be used as, for example, for searching the largest candlesticks and their frequency of occurrence in the chart or in the smallest or average candlesticks.
The example of using
For example, the script can be used to find the frequency of occurrence of candlesticks bodies with size of 2 points or higher, the step is also 2 points (i.e. the size of candlesticks bodies is 2, 4, 6, etc. points). The range of search will be 1000 candlesticks and the size of candlesticks bodies will be changed from 0 to 50 points (the script standard settings).
The script requires the full history in the investigated range, otherwise its work can be delayed. The script doesn't have rounding full number function and can make one tick deviations.
The instances of the script work in the chart
Settings
CandleBegin
– The candlestick that starts the measurement (it is counted from the current "0" candlestick and to the left side increasingly).
CandleEnd
– The candlestick of the measurement range ending (it is recommended from 100 to 1000).
BodyBegin
– The size of candlestick body to start search.
BodyEnd
– The size of candlestick body from which the search ends.
ShadowBegin
– The size of candlestick shadow to start search.
ShadowEnd
– The size of candlestick shadow from which the search ends.
DivisionsNumber
– Into how many parts should the investigated range be divided (the number multiple to two and not higher than the size of the investigated range of candlestick shadow or body).
BodyColor
– Color scale of the candlestick body.
ShadowUpColor
– Color scale of the up shadow.
ShadowDownColor
– Color scale of the down shadow.
FactorBody
– The multiplier to increase visual representation in scale of candlestick body.
FactorShadow
– The multiplier to increase visual representation in scale of candlestick shadow.
XDistanceBody
– Padding from the left side of the chart to draw the scale of body.
XDistanceShadowUp
– Padding from the left side of the chart to draw the scale of up shadow.
XDistanceShadowDown
– Padding from the left side of the chart to draw the scale of down shadow.
You may also like: Economic Calendar Data Aggregator - excellent alternative for script users on MetaTrader 5.
⚠ 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.