MA Candle Two Colors - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

MA Candle Two Colors 2.0: also available for MetaTrader 5

This indicator draws different colored candles above and below the moving average (MA) line.

Supported MA methods:

The indicator includes all standard parameters of MA: period, transition, method and price.

*Contains Triangle MA indicator - see attached download file.

The user needs to ensure that all input variables and value parameters (MA period, move, method and price) on the current indicator and the user-supplied moving average exactly match each other.

The default parameters of MA1 are: Period = 1, Shift = 0, Method = 0 (SMA), Price = 0 (Close). This is equivalent to having the colored candle change color as the price closes above or below the MA2.

The default method of MA2 is EMA.

Note: MA is provided by the user and is not part of the indicator.

Candle precision: Although the standard chart price graph is hidden, it is not disabled and the Open, High, Low and Close prices are available in the MetaTrader 4 data window (press Ctrl+D or View → Data Window). The accuracy of the Open, High, Low and Close indicator can be checked against the Open, High, Low and Close prices in the MetaTrader 4 data window. When cross-referencing, the cursor point must be on the relevant colored candle:

Explanation of data window:

Indicator candles H, L, O and C are listed in the R up, R dn, Bu and B dn columns (red up candle, red down, blue up candle, blue down candle).

The hidden candle's open price is greater than the close price, so the candle is a down candle. The red downward candle of the indicator in column 2 corresponds to the hidden downward candle.

All input parameters and options can be changed and saved automatically. If you use reset after changing input or color parameters, color candles will appear as bars. To revert to colored candles, switch to a different time frame and then back.

Attachment download

📎 ma_candles_two_colors.mq4 (6.12 KB)

📎tma.mq4 (3 KB)

Source: MQL5 #10791