CaudateXPeriodCandle - MetaTrader 5 Script - MT4/MT5 Resource

Synthetic Japanese candlesticks over the time period predefined in the indicator settings, calculated for each bar, averaging the price time series used in the indicator, and highlighting tailed candlesticks.

Ordinary candlesticks are as light in color as possible. This indicator highlights "hammer" or "inverted hammer" type tail candlesticks where the main body is located in the upper or lower half of the candlestick. The hammer candlestick is highlighted in blue, while the "inverted hammer" is highlighted in red. If the candle tail and close are on different sides of the candlestick, the candle is highlighted in a bright color. If the tail and price are on the same side, the candlestick will be highlighted in a less bright color.

The indicator uses the Smoothing Algorithm .mqh library class (copy it to terminal_data_directory\MQL5\Include) and the article posted details how to use it without using additional buffers for the intermediate calculation of the average price series .

Figure 1. Indicator CaudateXPeriodCandle

Attachment download

📎 CaudateXPeriodCandle.mq5 (21.42 KB)

📎 SmoothAlgorithms.mqh (130.2 KB)

Source: MQL5 #21083