candles_01
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This script is a specialized visual analysis tool designed for MetaTrader platforms. Its primary purpose is to break down the price action of candlesticks into distinct components—specifically focusing on "shadows" and "bodies"—to help traders visualize market volatility and momentum trends more clearly.
Core Functionality
The logic operates by analyzing every candle on the chart and segregating its data into four distinct categories:
1. Shadow Analysis (Volatility)
- Upper Shadows: The script identifies candles where the price closed lower than it opened (bearish) and measures the size of the upper "wick" or shadow.
- Lower Shadows: Conversely, it identifies candles where the price closed higher than it opened (bullish) and measures the size of the lower "wick."
- These are displayed as separate histograms, allowing you to see at a glance whether the market is experiencing significant rejection at high or low price levels.
2. Body Analysis (Momentum)
- The script calculates the absolute size of the candle body (the distance between the opening and closing price), regardless of direction.
- It then applies a Moving Average to these body sizes. This provides a smoothed trend line that helps you understand if the "strength" of the candles is increasing, decreasing, or remaining stable over time.
Real-Time Statistics and Visuals
Beyond just drawing lines on the chart, the script provides two dynamic text overlays to assist in rapid decision-making:
-
Candle Count Ratio: The tool monitors a specific number of recent candles (defined by the user settings). It counts how many were bullish versus bearish. This ratio is displayed as a text label on your screen.
- Green Text: Indicates the majority are bullish.
- Red Text: Indicates the majority are bearish.
- Gray Text: Indicates a balanced market where bull and bear candles are equal.
-
Time Tracking: To help with precise timing during a trading session, the script includes a dedicated timer display. It calculates and shows exactly how many minutes and seconds remain in the current time period based on your chart's timeframe.
Summary for the User
By using this tool, you can move beyond looking at simple candles and instead see a data-driven breakdown of market behavior. You can quickly identify whether the market is characterized by high volatility (large shadows), strong momentum (large bodies), or if it is currently leaning toward a specific sentiment based on the real-time bull/bear ratio.
//+------------------------------------------------------------------+
//| candles_01.mq4 |
//| |
//+------------------------------------------------------------------+
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 Red
#property indicator_color2 Green
#property indicator_color3 White
#property indicator_color4 Black
#property indicator_width1 3
#property indicator_width2 3
#property indicator_width3 2
#property indicator_minimum 0
//---- indicator parameters
extern int MA=13;
extern int t=20;
//---- indicator buffers
double Buf1[];
double Buf2[];
double Buf3[];
double Buf4[];
int init()
{
IndicatorShortName("Candles");
SetIndexStyle(0,DRAW_HISTOGRAM); SetIndexBuffer(0,Buf1);
SetIndexStyle(1,DRAW_HISTOGRAM); SetIndexBuffer(1,Buf2);
SetIndexStyle(2,DRAW_HISTOGRAM); SetIndexBuffer(2,Buf3);
SetIndexStyle(3,DRAW_LINE); SetIndexBuffer(3,Buf4);
ObjectDelete("Time_Timer2");
ObjectDelete("Candles_n");
return(0);
}
int deinit()
{
ObjectDelete("Time_Timer2");
ObjectDelete("Candles_n");
return(0);
}
int start()
{
int id=WindowFind("Candles");
int nu=0;
int nd=0;
int counted_bars=IndicatorCounted();
if (counted_bars<0) return(-1);
if (counted_bars>0) counted_bars--;
int lim=Bars-counted_bars+1;
double HL1, HL2, OC;
for(int i=0; i<lim; i++)
{
if ((Open[i]-Close[i])>0) HL1=High[i]-Low[i];// äëèíà ñâå÷åé ñ òåíÿìè êðàñíûõ
else HL1=0;
Buf1[i]=HL1;
}
for(i=0; i<lim; i++)
{
if ((Open[i]-Close[i])>0) HL2=0;// äëèíà ñâå÷åé ñ òåíÿìè çåëåíûõ
else HL2=High[i]-Low[i];
Buf2[i]=HL2;
}
for(i=0; i<lim; i++)
{
OC=MathAbs(Open[i]-Close[i]);// äëèíà òåëà ñâå÷è
Buf3[i]=OC;
}
for(i=0; i<lim; i++)
{
Buf4[i]=iMAOnArray(Buf3,0,MA,0,MODE_SMA,i);// ñðåäíÿÿ äëèíà òåëà ñâå÷åé
}
//îòíîøåíèå êîëè÷åñòâà ïîëíûõ çåëåíûõ ñâå÷åé ê êðàñíûì
for(i=0; i<t; i++)
{
if ((Open[i]-Close[i])>0) nu=nu+1;
else nd=nd+1;
}
ObjectDelete("Candles_n");
ObjectCreate("Candles_n", OBJ_LABEL,id,0,0);
ObjectSet("Candles_n", OBJPROP_CORNER,1);
ObjectSet("Candles_n", OBJPROP_XDISTANCE,5);
ObjectSet("Candles_n", OBJPROP_YDISTANCE,20);
if (nu < nd) ObjectSetText("Candles_n",nu+" / "+nd, 8, "Arial", Green);
if (nu == nd) ObjectSetText("Candles_n",nu+" / "+nd, 8, "Arial", Gray);
if (nu > nd) ObjectSetText("Candles_n",nu+" / "+nd, 8, "Arial", Red);
// <-timer
ObjectDelete("Time_Timer2");
int tmp1=Period()*60-TimeCurrent()+Time[0];
int tmpm=MathFloor(tmp1/60),tmps=tmp1-tmpm*60;
string strm=DoubleToStr(tmpm,0);
string strs=DoubleToStr(tmps,0);
if(StringLen(strs)==1) strs="0"+strs;
int tmp2=TimeCurrent()-Time[0];
int tmpm2=MathFloor(tmp2/60),tmps2=tmp2-tmpm2*60;
string strm2=DoubleToStr(tmpm2,0);
string strs2=DoubleToStr(tmps2,0);
if(StringLen(strs2)==1) strs2="0"+strs2;
ObjectCreate("Time_Timer2", OBJ_LABEL,id,0,0);
ObjectSet("Time_Timer2", OBJPROP_CORNER,1); //0
ObjectSet("Time_Timer2", OBJPROP_XDISTANCE,5); //550
ObjectSet("Time_Timer2", OBJPROP_YDISTANCE,0);
ObjectSetText("Time_Timer2",strm+" : "+strs, 8, "Arial", Blue);
return(0);
}
//+------------------------------------------------------------------+
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