This Indicator draws different colored candles above and below a Moving Average (MA) line.
The Indicator includes all standard parameters of MA: Period, Shift, Method and Price.
The user is required to ensure that all Inputs Variables and Value parameters (MA Period, Shift, Method and Price) on both the present Indicator and the user provided Moving Average match each other exactly.
- Open a new chart.
- Change the chart price graphic to Line Chart – Press (Alt + 3) or locate ‘Charts’ on top menu and select ‘Line Chart’. Make sure that ‘Bar Chart’ or ‘Candlesticks’ is not accidentally selected.
- Open the Chart Properties window – press (F8) or right click anywhere on the chart and select ‘Properties’.
- Select the Colors tab.
- Select ‘Line Chart:’, now select the ‘▼’ and change color to ‘None‘. The chart should now have no graphical price displayed and is referred to as the blank chart.
- A template of the blank chart can be made for further use with other currency pairs or instruments.
- Attach Indicator Color Candles cross MA to the blank chart.
The default parameters for MA1 are: Period = 1, Shift = 0, Method = 0 (SMA), Price = 0 (Close). This is the equivalent of having the color candles change color on price close above or below MA2.
The default method for MA2 is EMA.
MT4 Indicator Download – Instructions
MA Candles Two Colors is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
MA Candles Two Colors provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install MA Candles Two Colors.mq4?
- Download MA Candles Two Colors.mq4
- Copy MA Candles Two Colors.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on MA Candles Two Colors.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator MA Candles Two Colors.mq4 is available on your Chart
How to remove MA Candles Two Colors.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: