Candle Ratio Metatrader 5 Forex Indicator

The Candle Ratio Metatrader 5 custom indicator displays the ratio that exist between the bullish and bearish candlesticks over the defined time space.

The Candle_Ratio MT5 indicator consist of three input parameters:

Period – defines the period for calculation

Smoothing period – defines the period of smoothing

Method – defines the method of smoothing

Free Download

Download the “Candle_Ratio.ex5” MT5 indicator

Example Chart

The Candle_Ratio custom Metatrader 5 indicator runs a separate window with two lines that are filled red and green.

Both lines are seen to crossover each other as price travels along the activity chart.

There are quite a number of things to take home by just starring at the Candle_Ratio, one of them is the fact that price is said to be bullish when the red line of Candle_Ratio MT5 indicator intersect the green line to stay below it.

On the contrary, if the red line of the Candle_Ratio Metatrader 5 indicator intersect the green line to hover above it, price is said to be bearish.

Additional confirmation is needed when trading signals from the Candle_Ratio MT5 indicator, considering the fact that it performs poorly when deployed in isolation.

The formula for the Candle_Ratio MT5 indicator is shown as:

Up Candle

Up=close-open;

Down =0;

Down Candle

Down=open-close;

Up = 0;

Ratio = Sum(Up) / Sum (Down);

Download

Download the “Candle_Ratio.ex5” Metatrader 5 indicator

MT5 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 5

Type: chart window indicator

Customization options: Variable (Period, Smoothing period, Method), Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: oscillator

Installation

Copy and paste the Candle_Ratio.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL5 > Indicators (paste here)

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