Candels High Open – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • The entire chain: SignalCandelsHighOpen indicator signal module, the EA based on the signals module — CandelsHighOpen.  

    If the last three bars (the zero bar is not considered) are rising:

             (high[i+1]>high[i+2] && high[i+2]>high[i+3] &&
             high[i+3]>high[i+4] && open[i+1]>open[i+2] &&
             open[i+2]>open[i+3] && open[i+3]>open[i+4])

    means the indicator generates the “+1” signal.

    If the last three bars (the zero bar is not considered) are falling:

             (high[i+1]<high[i+2] && high[i+2]<high[i+3] &&
             high[i+3]<high[i+4] && open[i+1]<open[i+2] &&
             open[i+2]<open[i+3] && open[i+3]<open[i+4])

    means the indicator generates the “-1” signal. 

    If the last three bars (the zero bar is not considered) are neither rising nor falling, the signal is “0”. 

    At the same time, the indicator has the Reverse signals parameter — false/true values change the signal sign: 

    Indicator Candels High Open

    The module of trading signals based on Candels High Open is to be created in the near future (find out more on creating trading signal modules in the article “Create Your Own Trading Robot in 6 Steps!”). An Expert Advisor can be generated afterwards in MQL5 Wizard based on the trading signal module.

  • 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