MA Candles Two Colors : Also available for MT5
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.
Use of this Indicator requires that Candlesticks, Price Bars or Price Line be graphically removed from the chart – see below instructions:
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.
Note: MA/s to be supplied by user and not part of Indicator.