indicatorcandles
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This script is designed as a versatile technical analysis tool for MetaTrader 4. It transforms standard market data into a visual "candle" representation based on various mathematical oscillators or price actions. Instead of relying solely on the raw movement of the market, it allows users to view different types of momentum and volatility through a customized visual interface.
Core Functionality
The script functions as a multi-mode indicator. Depending on your settings, it can generate "candles" based on four distinct data sources:
- Percent Range Index (PRI): Measures the relative position of the current price within a high/low range over a specific period. It helps identify if the price is currently near its "ceiling" or "floor."
- Relative Strength Index (RSI): A classic momentum oscillator that measures the speed and change of price movements to identify overbought or oversold conditions.
- Commodity Channel Index (CCI): Used to determine whether a particular asset is overbought or oversold relative to its statistical average price range.
- Raw Price: A direct representation of market price, using standard High, Low, and Close data points.
Visual Logic & Customization
The script doesn't just plot a simple line; it creates a stylized visual environment in a separate window:
- Dynamic Candle Drawing: The script automatically draws "bodies" and "wicks" (lines representing the high and low) for every bar. It compares the current value to the previous one to determine movement.
- Smart Color Coding: To make reading the data intuitive, the script features an Auto-Color system. It detects the currency pair you are trading and assigns a unique color theme (e.g., Blue for EUR, Gold for XAU/Gold, etc.). The candles then change color (typically switching between two distinct shades) based on whether the value is increasing or decreasing.
- Customizable Signals: You can toggle a "Signal Line" (a moving average of the indicator itself) and a "Price Line" (a horizontal reference line). These help traders identify smoother trends amidst the volatile movements of the primary indicators.
- Flexible Timeframes: The script is designed to be aware of different timeframes, ensuring that the labels and calculations remain accurate whether you are looking at 1-minute charts or daily charts.
User Experience Features
- Visual Clarity: It includes specific settings to adjust the thickness of the candle bodies versus the wicks, allowing users to prioritize the "meat" of the movement or the extremes of the price action.
- Clean Management: The script is programmed to automatically clean up its drawings when removed from the chart, ensuring that your workspace remains tidy and free of leftover objects.
- Adaptive Levels: Depending on which indicator you choose (PRI, RSI, or CCI), the script automatically adjusts its horizontal reference levels (the "grid" lines) to match the standard mathematical boundaries for those specific tools.
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indicatorcandles
//+------------------------------------------------------------------+
//| Indicator Candles.mq4 |
//| Copyright 2005-2014, MetaQuotes Software Corp. |
//| http://www.mql4.com |
//+------------------------------------------------------------------+
#property copyright "2005-2014, MetaQuotes Software Corp."
#property link "http://www.mql4.com"
#property description "Indicator Candles by pipPod"
#property strict
//--- indicator settings
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color4 clrMagenta
#property indicator_width4 2
#property indicator_levelcolor clrLightSlateGray
double indicator_level1 = 20;
double indicator_level2 = 50;
double indicator_level3 = 80;
double indicator_level4 = 30;
double indicator_level5 = 50;
double indicator_level6 = 70;
double indicator_level7 = -100;
double indicator_level8 = 0;
double indicator_level9 = 100;
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
enum indicators
{
INDICATOR_PRI, //Percent Range Index
INDICATOR_RSI, //Relative Strength Index
INDICATOR_CCI, //Commodity Channel Index
INDICATOR_PRICE //Prices
};
enum ENUM_RANGEMODE
{
HIGH_LOW, //High/Low
CLOSE_CLOSE, //Close/Close
HIGH_LOW_CLOSE //High/Low/Close
};
input indicators Indicator=INDICATOR_PRI;
//--- indicator parameters
input string _ = "Chart = Chart Symbol";
extern string Symbol_="Chart";
input int PRIPeriod=14; // Percent Range Index Period
input int PRISignal=3; // PRI Signal Period
input ENUM_APPLIED_PRICE PRIPrice=PRICE_CLOSE; // PRI Price
input ENUM_RANGEMODE PRIMode=HIGH_LOW;
input int RSIPeriod=14; // Relative Strength Index Period
input int RSISignal=3; // RSI Signal Period
input ENUM_APPLIED_PRICE RSIPrice=PRICE_CLOSE; // RSI Price
input int CCIPeriod=14; // Commodity Channel Index Period
input int CCISignal=3; // CCI Signal Period
input ENUM_APPLIED_PRICE CCIPrice=PRICE_CLOSE; // CCI Price
input int PriceSignal=14; //Price MA Period
input ENUM_TIMEFRAMES TimeFrame=0;
input int indicator_width1=3; //CandleBody Width
input int indicator_width2=1; //CandleWick Width
input bool SignalLine=true; // Show signal line for indicator
input bool PriceLine=true; // Show horizontal price line
input bool AutoColor=true;
//--- indicator buffers
double _High[];
double _Low[];
double _Close[];
double _Signal[];
double _high,
_low,
_close,
_signal;
string candle_1,
candle_2,
body="body",
wick="wick",
priceLine="PriceLine";
color candleColor;
color color_1;
color color_2;
int barsWindow;
long chartID;
int window;
//--- right input parameters flag
bool ExtParameters=false;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int OnInit(void)
{
if(Symbol_=="Chart")
Symbol_=_Symbol;
else
StringToUpper(Symbol_);
color_1=clrLimeGreen;
color_2=clrFireBrick;
if(AutoColor)
{
string Base = StringSubstr(Symbol_,0,3); //Base currency name
string Quote= StringSubstr(Symbol_,3,3); //Quote currency name
if(Base=="EUR") color_1=clrRoyalBlue;
if(Quote=="EUR") color_2=clrRoyalBlue;
if(Base=="GBP") color_1=clrSilver;
if(Quote=="GBP") color_2=clrSilver;
if(Base=="AUD") color_1=clrDarkOrange;
if(Quote=="AUD") color_2=clrDarkOrange;
if(Base=="NZD") color_1=clrDarkViolet;
if(Quote=="NZD") color_2=clrDarkViolet;
if(Base=="CAD") color_1=clrWhite;
if(Quote=="CAD") color_2=clrWhite;
if(Base=="CHF") color_1=clrFireBrick;
if(Quote=="CHF") color_2=clrFireBrick;
if(Base=="JPY") color_1=clrYellow;
if(Quote=="JPY") color_2=clrYellow;
if(Base=="USD") color_1=clrLimeGreen;
if(Quote=="USD") color_2=clrLimeGreen;
if(Base=="XAU") color_1=clrGold;
}
//--- drawing settings
SetIndexStyle(0,INDICATOR_DATA,EMPTY,EMPTY,clrNONE);
SetIndexStyle(1,INDICATOR_DATA,EMPTY,EMPTY,clrNONE);
SetIndexStyle(2,INDICATOR_DATA,EMPTY,EMPTY,clrNONE);
SetIndexStyle(3,DRAW_LINE);
//--- indicator buffers mapping
SetIndexBuffer(0,_High);
SetIndexBuffer(1,_Low);
SetIndexBuffer(2,_Close);
SetIndexBuffer(3,_Signal);
SetLevelStyle(STYLE_DOT,1,indicator_levelcolor);
string timeFrame;
switch(TimeFrame)
{
case PERIOD_MN1: timeFrame = " MN1 ";break;
case PERIOD_W1: timeFrame = " W1 "; break;
case PERIOD_D1: timeFrame = " D1 "; break;
case PERIOD_H4: timeFrame = " H4 "; break;
case PERIOD_H1: timeFrame = " H1 "; break;
case PERIOD_M30: timeFrame = " M30 ";break;
case PERIOD_M15: timeFrame = " M15 ";break;
case PERIOD_M5: timeFrame = " M5 "; break;
case PERIOD_M1: timeFrame = " M1 "; break;
default: timeFrame = " ";
}
string shortName,
label_1,
label_2,
label_3,
label_4;
switch(Indicator)
{
case INDICATOR_PRI:
shortName="PRI "+Symbol_+timeFrame+"("+
IntegerToString(PRIPeriod)+","+
IntegerToString(PRISignal)+")";
label_1="PRI High "+timeFrame;
label_2="PRI Low "+timeFrame;
label_3="PRI Close "+timeFrame;
label_4="PRI Signal "+timeFrame;
SetLevelValue(0,indicator_level1);
SetLevelValue(1,indicator_level2);
SetLevelValue(2,indicator_level3);
IndicatorDigits(0);
break;
case INDICATOR_RSI:
shortName="RSI "+Symbol_+timeFrame+"("+
IntegerToString(RSIPeriod)+","+
IntegerToString(RSISignal)+")";
label_1="RSI High "+timeFrame;
label_2="RSI Low "+timeFrame;
label_3="RSI Close "+timeFrame;
label_4="RSI Signal "+timeFrame;
SetLevelValue(0,indicator_level4);
SetLevelValue(1,indicator_level5);
SetLevelValue(2,indicator_level6);
IndicatorDigits(0);
break;
case INDICATOR_CCI:
shortName="CCI "+Symbol_+timeFrame+"("+
IntegerToString(CCIPeriod)+","+
IntegerToString(CCISignal)+")";
label_1="CCI High "+timeFrame;
label_2="CCI Low "+timeFrame;
label_3="CCI Close "+timeFrame;
label_4="CCI Signal "+timeFrame;
SetLevelValue(0,indicator_level7);
SetLevelValue(1,indicator_level8);
SetLevelValue(2,indicator_level9);
IndicatorDigits(0);
break;
case INDICATOR_PRICE:
shortName="Price "+Symbol_+timeFrame+"("+
IntegerToString(PriceSignal)+")";
label_1="Price High "+timeFrame;
label_2="Price Low "+timeFrame;
label_3="Price Close "+timeFrame;
label_4="Price Signal "+timeFrame;
IndicatorDigits(_Digits-1);
}
//--- name for DataWindow and indicator subwindow label
IndicatorShortName(shortName);
window=WindowFind(shortName);
chartID=ChartID();
SetIndexLabel(0,label_1);
SetIndexLabel(1,label_2);
SetIndexLabel(2,label_3);
SetIndexLabel(3,label_4);
//--- check for input parameters
if(PRIPeriod<=1 || RSIPeriod<=1 || CCIPeriod<=1)
{
Print("Wrong input parameters");
ExtParameters=false;
return(INIT_FAILED);
}
else
ExtParameters=true;
//--- initialization done
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
const int prev_calculated,
const datetime &time[],
const double &open[],
const double &high[],
const double &low[],
const double &close[],
const long &tick_volume[],
const long &volume[],
const int &spread[])
{
int i,limit/*,shift*/;
static int candle;
//---
barsWindow=WindowBarsPerChart();
if(rates_total<=barsWindow || !ExtParameters)
return(0);
//---
limit=rates_total-prev_calculated;
//---
if(prev_calculated==0)
{
limit=barsWindow;
candle=0;
double price;
switch(Indicator)
{
case INDICATOR_PRI:
_High[limit+1]=50;
_Low[limit+1]=50;
_Close[limit+1]=50;
_Signal[limit+1]=50;
break;
case INDICATOR_RSI:
_High[limit+1]=50;
_Low[limit+1]=50;
_Close[limit+1]=50;
_Signal[limit+1]=50;
break;
case INDICATOR_CCI:
_High[limit+1]=0.0;
_Low[limit+1]=0.0;
_Close[limit+1]=0.0;
_Signal[limit+1]=0.0;
break;
case INDICATOR_PRICE:
price=iClose(Symbol_,TimeFrame,limit);
_High[limit+1]=price;
_Low[limit+1]=price;
_Close[limit+1]=price;
_Signal[limit+1]=price;
}
}
for(i=limit; i>=0;i--)
{
//shift=iBarShift(Symbol_,TimeFrame,time[i]);
switch(Indicator)
{
case INDICATOR_PRI:
_high =iPRI(Symbol_,TimeFrame,PRIPeriod,PRISignal,PRICE_HIGH,MODE_MAIN,i);
_low =iPRI(Symbol_,TimeFrame,PRIPeriod,PRISignal,PRICE_LOW,MODE_MAIN,i);
_close=iPRI(Symbol_,TimeFrame,PRIPeriod,PRISignal,PRIPrice,MODE_MAIN,i);
if(SignalLine)
_signal=iPRI(Symbol_,TimeFrame,PRIPeriod,PRISignal,PRIPrice,MODE_SIGNAL,i);
break;
case INDICATOR_RSI:
_high =iRSI(Symbol_,TimeFrame,RSIPeriod,RSISignal,PRICE_HIGH,MODE_MAIN,i);
_low =iRSI(Symbol_,TimeFrame,RSIPeriod,RSISignal,PRICE_LOW,MODE_MAIN,i);
_close=iRSI(Symbol_,TimeFrame,RSIPeriod,RSISignal,RSIPrice,MODE_MAIN,i);
if(SignalLine)
_signal=iRSI(Symbol_,TimeFrame,RSIPeriod,RSISignal,RSIPrice,MODE_SIGNAL,i);
break;
case INDICATOR_CCI:
_high =iCCI(Symbol_,TimeFrame,CCIPeriod,CCISignal,PRICE_HIGH,MODE_MAIN,i);
_low =iCCI(Symbol_,TimeFrame,CCIPeriod,CCISignal,PRICE_LOW,MODE_MAIN,i);
_close=iCCI(Symbol_,TimeFrame,CCIPeriod,CCISignal,CCIPrice,MODE_MAIN,i);
if(SignalLine)
_signal=iCCI(Symbol_,TimeFrame,CCIPeriod,CCISignal,CCIPrice,MODE_SIGNAL,i);
break;
case INDICATOR_PRICE:
_high =iHigh(Symbol_,TimeFrame,i);
_low =iLow(Symbol_,TimeFrame,i);
_close=iClose(Symbol_,TimeFrame,i);
if(SignalLine)
_signal=iMA(Symbol_,TimeFrame,PriceSignal,0,MODE_SMA,PRICE_CLOSE,i);
}
_High[i]=_high;
_Low[i]=_low;
_Close[i]=_close;
_High[i]=MathMax(_High[i],_Close[i+1]);
_Low[i]=MathMin(_Low[i],_Close[i+1]);
if(_Close[i]>=_Close[i+1])
candleColor=color_1;
else
candleColor=color_2;
candle_1=body+string(candle);
candle_2=wick+string(candle);
ObjectCreate(candle_1,candle_2,time[i],_Close[i+1],_High[i],_Low[i],_Close[i],candleColor);
if(SignalLine)
_Signal[i]=_signal;
if(prev_calculated==0 || NewBar(time[0]))
candle++;
//--- done
}
return(rates_total);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
#define OBJ_NONE -1
void OnDeinit(const int reason)
{
//---- check & delete candles
for(int i=0;i<Bars;i++)
{
candle_1=body+string(i);
candle_2=wick+string(i);
if(ObjectFind(chartID,candle_1)!=OBJ_NONE)
ObjectDelete(chartID,candle_1);
if(ObjectFind(chartID,candle_2)!=OBJ_NONE)
ObjectDelete(chartID,candle_2);
if(ObjectFind(chartID,priceLine)!=OBJ_NONE)
ObjectDelete(chartID,priceLine);
}
return;
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
const bool NewBar(const datetime& time)
{
static datetime time_prev;
if(time_prev!=time)
{
time_prev=time;
return(true);
}
return(false);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
void ObjectCreate(const string object_name1,
const string object_name2,
const datetime &time,
const double &open_price,
const double &high_price,
const double &low_price,
const double &close_price,
const color candle_color)
{
if(ObjectFind(chartID,object_name1)!=OBJ_NONE)
ObjectDelete(chartID,object_name1);
if(!ObjectCreate(chartID,object_name1,OBJ_TREND,window,time,open_price,time,close_price))
Print(__FUNCTION__,": error ",GetLastError());
ObjectSetInteger(chartID,object_name1,OBJPROP_WIDTH,indicator_width1);
ObjectSetInteger(chartID,object_name1,OBJPROP_COLOR,candle_color);
ObjectSetInteger(chartID,object_name1,OBJPROP_RAY,false);
ObjectSetInteger(chartID,object_name1,OBJPROP_HIDDEN,true);
ObjectSetInteger(chartID,object_name1,OBJPROP_SELECTABLE,false);
if(ObjectFind(chartID,object_name2)!=OBJ_NONE)
ObjectDelete(chartID,object_name2);
if(!ObjectCreate(chartID,object_name2,OBJ_TREND,window,time,high_price,time,low_price))
Print(__FUNCTION__,": error ",GetLastError());
ObjectSetInteger(chartID,object_name2,OBJPROP_WIDTH,indicator_width2);
ObjectSetInteger(chartID,object_name2,OBJPROP_COLOR,candle_color);
ObjectSetInteger(chartID,object_name2,OBJPROP_RAY,false);
ObjectSetInteger(chartID,object_name2,OBJPROP_HIDDEN,true);
ObjectSetInteger(chartID,object_name2,OBJPROP_SELECTABLE,false);
if(ObjectFind(chartID,priceLine)!=OBJ_NONE)
ObjectDelete(chartID,priceLine);
if(PriceLine)
{
if(!ObjectCreate(chartID,priceLine,OBJ_HLINE,window,0,close_price))
Print(__FUNCTION__,": error ",GetLastError());
ObjectSetInteger(chartID,priceLine,OBJPROP_WIDTH,1);
ObjectSetInteger(chartID,priceLine,OBJPROP_STYLE,STYLE_SOLID);
ObjectSetInteger(chartID,priceLine,OBJPROP_COLOR,clrLightSlateGray);
ObjectSetInteger(chartID,priceLine,OBJPROP_HIDDEN,true);
ObjectSetInteger(chartID,priceLine,OBJPROP_SELECTABLE,false);
}
return;
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
const double iPRI(const string symbol,
const ENUM_TIMEFRAMES timeframe,
const int period,
const int signal,
const ENUM_APPLIED_PRICE price,
const int mode=MODE_MAIN,
const int idx=0)
{
int i;
double pri;
double sum=0.0;
if(mode==MODE_SIGNAL)
{
static double priSignal[1];
if(ArraySize(priSignal)!=period)
ArrayResize(priSignal,signal);
for(i=0;i<signal;i++)
{
priSignal[i]=iPRI(symbol,timeframe,period,price,idx+i);
sum+=priSignal[i];
}
pri=sum/signal;
}
else
pri=iPRI(symbol,timeframe,period,price,idx);
return(pri);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
const double iPRI(const string symbol,
const ENUM_TIMEFRAMES timeframe,
const int period,
const ENUM_APPLIED_PRICE price,
const int idx)
{
double pri;
double Price;
double MaxHigh=0.0,MinLow=0.0;
double HighHigh,HighClose,HighLow;
double LowHigh,LowClose,LowLow;
double PRIRange;
switch(PRIMode)
{
case HIGH_LOW:
MaxHigh=iHigh(symbol,timeframe,
iHighest(symbol,timeframe,MODE_HIGH,period,idx));
MinLow=iLow(symbol,timeframe,
iLowest(symbol,timeframe,MODE_LOW,period,idx));
break;
case CLOSE_CLOSE:
MaxHigh=iClose(symbol,timeframe,
iHighest(symbol,timeframe,MODE_CLOSE,period,idx));
MinLow=iClose(symbol,timeframe,
iLowest(symbol,timeframe,MODE_CLOSE,period,idx));
break;
case HIGH_LOW_CLOSE:
HighHigh=iHigh(symbol,timeframe,
iHighest(symbol,timeframe,MODE_HIGH,period,idx));
HighLow=iLow(symbol,timeframe,
iHighest(symbol,timeframe,MODE_LOW,period,idx));
HighClose=iClose(symbol,timeframe,
iHighest(symbol,timeframe,MODE_CLOSE,period,idx));
LowHigh=iHigh(symbol,timeframe,
iLowest(symbol,timeframe,MODE_HIGH,period,idx));
LowLow=iLow(symbol,timeframe,
iLowest(symbol,timeframe,MODE_LOW,period,idx));
LowClose=iClose(symbol,timeframe,
iLowest(symbol,timeframe,MODE_CLOSE,period,idx));
MaxHigh=(HighHigh+HighLow+HighClose)/3;
MinLow=(LowHigh+LowLow+LowClose)/3;
break;
}
switch(price)
{
case PRICE_CLOSE:
Price = iClose(symbol,timeframe,idx); break;
case PRICE_HIGH:
Price = iHigh(symbol,timeframe,idx); break;
case PRICE_LOW:
Price = iLow(symbol,timeframe,idx); break;
case PRICE_MEDIAN:
Price = (iHigh(symbol,timeframe,idx)+
iLow(symbol,timeframe,idx))/2; break;
case PRICE_TYPICAL:
Price = (iHigh(symbol,timeframe,idx)+
iLow(symbol,timeframe,idx)+
iClose(symbol,timeframe,idx))/3; break;
case PRICE_WEIGHTED:
Price = (iHigh(symbol,timeframe,idx)+
iLow(symbol,timeframe,idx)+
iClose(symbol,timeframe,idx)+
iClose(symbol,timeframe,idx))/4; break;
default:
Price = iClose(symbol,timeframe,idx);
}
PRIRange=MaxHigh-MinLow;
if(!PRIRange)
pri=50;
else
pri=100*(Price-MinLow)/PRIRange;
return(pri);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
const double iRSI(const string symbol,
const ENUM_TIMEFRAMES timeframe,
const int period,
const int signal,
const ENUM_APPLIED_PRICE price,
const int mode=MODE_MAIN,
const int idx=0)
{
int i;
double rsi;
double sum=0.0;
if(mode==MODE_SIGNAL)
{
static double rsiSignal[1];
if(ArraySize(rsiSignal)!=period)
ArrayResize(rsiSignal,signal);
for(i=0;i<signal;i++)
{
rsiSignal[i]=iRSI(symbol,timeframe,period,price,idx+i);
sum+=rsiSignal[i];
}
rsi=sum/signal;
}
else
rsi=iRSI(symbol,timeframe,period,price,idx);
return(rsi);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
const double iCCI(const string symbol,
const ENUM_TIMEFRAMES timeframe,
const int period,
const int signal,
const ENUM_APPLIED_PRICE price,
const int mode=MODE_MAIN,
const int idx=0)
{
int i;
double cci;
double sum=0.0;
if(mode==MODE_SIGNAL)
{
static double cciSignal[1];
if(ArraySize(cciSignal)!=period)
ArrayResize(cciSignal,signal);
for(i=0;i<signal;i++)
{
cciSignal[i]=iCCI(symbol,timeframe,period,price,idx+i);
sum+=cciSignal[i];
}
cci=sum/signal;
}
else
cci=iCCI(symbol,timeframe,period,price,idx);
return(cci);
}
//+------------------------------------------------------------------+
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