Hey fellow traders! Today, I’m excited to introduce you to a game-changer in the trading world: the Color QEMA Envelopes System. This indicator is designed to help you get a clearer picture of market trends.
Here’s how it works: as the price moves outside the gray channel, the candlestick color shifts to indicate the trend direction. If you see blue, it’s a sign that the asset is on the rise, while pink signals a downward trend. The vivid colors highlight when the trend and the candlestick direction are in sync, while the darker hues tell you when they’re diverging. It’s a straightforward way to gauge market sentiment!
To get this indicator up and running, it utilizes the SmoothAlgorithms.mqh library classes. You’ll need to copy these files into your <terminal_data_folder>\MQL5\Include folder. For a deeper dive into how these classes work, check out the article Averaging Price Series for Intermediate Calculations Without Using Additional Buffers.
Fig. 1. Color QEMA Envelopes System
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