MPC - Measuring Popular Candles - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

Ideas for creating scripts

I would like to introduce you a small script " Multipoint Control - Measure Popular Candles" which measures (searches for) the most frequently occurring candlesticks.

This script visually displays the scale using previously set parameters. The script displays the frequency of candlesticks with different sized bodies and shadows. The idea of ​​developing a script came while drawing a special indicator that should be set taking into account the size of the candlestick body. Unfortunately, the idea didn't live up to expectations.

For example, the script can be used to search for the largest candlesticks and their frequency of occurrence in the chart, or for the smallest or average candlesticks.

Usage example

For example, this script can be used to find how often candlestick real bodies appear with a size of 2 pips or larger, also with a step size of 2 pips (i.e. candlestick real bodies with sizes of 2, 4, 6, etc. pips). The search range will be 1000 candlesticks and the size of the candlestick body will be changed from 0 to 50 pips (standard setting of the script).

The script requires a complete history of the scope of the investigation, otherwise its work may be delayed. This script does not have a rounding function and can produce a scale deviation.

Example of script working in chart

Attachment download

📎 mpc.mq5 (8.39 KB)

Source: MQL5 #1527