Moving Average Candlesticks Indicator for MT5 — This innovative tool gives you a fresh perspective on the standard moving average by visualizing it through candlestick bars. It creates candlesticks based on moving average values derived from the Close, Open, Low, and High prices. Compared to the classic moving average (MA) indicator, this provides a more compact snapshot of detailed market information, making it easier for you to analyze trends. Plus, it works seamlessly with any currency pair, timeframe, and MA mode, and is available for both MT4 and MT5 users.
Input Parameters
- MAPeriod (default = 10) — This sets the period of the moving average used in the calculations.
- MAType (default = MODE_SMA) — This defines the type of moving average method you want to use.
Example and Strategy
While this indicator isn’t your go-to for direct trading, it serves as a valuable tool for spotting moving average crosses and other key chart parameters. By observing the lengths of the candlestick bodies and their shadows (or wicks), you can identify irregularities in price behavior. Although a change in color might look like a solid entry signal, be wary as it can produce a lot of false alarms.