Moving Average Candlesticks

Moving Average Candlesticks MetaTrader indicator — is a chart visualization of a standard moving average using the candlestick bars. It draws the candlesticks based on the moving average values calculated for Close, Open, Low, and High. It allows seeing a compact snapshot of the more detailed market information compared with the classic MA indicator. It works with any currency pair, timeframe, and MA mode. The indicator is available for MT4 and MT5.

Input parameters

• MAPeriod (default = 10) — the period of the moving average used in the calculations.

• MAType (default = MODE_SMA) — the method of the moving average.

Example and strategy

This indicator isn't a very good one to use for direct trading. It simply indicates the moving average cross as well as some other parameters of the chart. Use it to spot the irregularities in the price behavior by observing the candlestick bodies' length and the length of their shadows (wicks). The change of color might seem like a good entry signal, but it will give a lot of fake signals too.

Download (ver. 1.01, 2022-03-09)

• Moving Average Candlesticks for MetaTrader 4 in .zip

• Moving Average Candlesticks for MetaTrader 4 in .mq4

• Moving Average Candlesticks for MetaTrader 5 in .zip

• Moving Average Candlesticks for MetaTrader 5 in .mq5

Discussion

• Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

• You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.