If you’re looking to enhance your trading game, the Color PEMA Envelopes Digit indicator could be just what you need. This innovative tool utilizes a unique channel system that can really help you spot potential trading opportunities.
Here’s the deal: when the price breaks out of the gray channel, you’ll notice a change in the candlestick color. An aquamarine hue signals a bullish trend, indicating that the asset is on the rise, while a yellow candlestick points to a bearish trend, suggesting a downturn. Bright colors mean that the trend and candlestick direction are in sync, whereas darker shades indicate a candlestick that’s moving against the trend.
To get started, this indicator taps into the SmoothAlgorithms.mqh library classes. Make sure to copy it to your <terminal_data_folder>\\MQL5\Include directory. If you want to dive deeper into how these classes work, check out this informative article: Averaging Price Series for Intermediate Calculations Without Using Additional Buffers.
Fig. 1. Color PEMA Envelopes Digit System
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