ColorKeltnerCandles - MetaTrader 5 Script - MT4/MT5 Resource
This indicator uses Keltner Channels to color candlesticks into different colors depending on the strength and direction of the trend.
The indicator is based on five symmetrical Keltner channels with different input deviation values. If a channel with a higher deviation is broken, the color of the candlestick will be brighter. For growing markets, use green and lime; for declining markets, use red, pink, and brown.
Five deviation levels and ten trend display colors are used in the indicator. If the minimum deviation level is not breached, the candlestick color will not change.
The indicator uses the SmoothAlgorithms.mqh library class (copy it to <terminal data folder> \MQL5\include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.
Figure 1. ColorKeltnerCandles indicator
Attachment download
📎ColorKeltnerCandles.mq5 (17.95 KB)
📎 SmoothAlgorithms.mqh (130.2 KB)
Source: MQL5 #17842
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