Candle shadow percent – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • The indicator finds candlesticks with a minimum or maximum shadow size. Limitation on the size of the candlestick body.

    Inputs:

    • The candlestick body parameter
    • The minimum size of the candlestick body
    • Parameters of the upper shadow
    • true -> display candlesticks based on the upper shadow 
    • The size of the upper shadow (as a percentage of the body) 
    • true -> minimum size, false -> maximum size
    • Symbol code (32-255)
    • Parameters of the lower shadows
    • true -> display candlesticks based on the lower shadow 
    • The size of the lower shadow (as a percentage of the body)
    • true -> minimum size, false -> maximum size
    • Symbol code (32-255)
    • The shift parameter
    • The vertical shift of the arrows (0-255)

    An example of search based on the upper shadow, the size of the upper shadow is set as the MAXIMUM size. In other words, we are looking for the upper shadow, which does not exceed the specified MAX value:

    Candle shadow percent

    An Expert Advisor based on this indicator is available here: Candle shadow percent.

  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window