Forex Blog

Quite some time ago, one of our forum members asked for an indicator to detect basing candles in MetaTrader. Today I present a new free indicator both for MT4 and MT5 — Basing Candlesticks.

It is a minimalistic indicator that compares the body size of the candle against its high-low range and, if the ratio is less than 50% (or anything else you set via input parameters), draws a line/candlestick on top of it. This is said to be useful in price action supply and demand analysis, but I am yet to find some actual application for this indicator. Anyway, I hope it will come handy to you if you are into this trading style.

The indicator offers all kinds of alerts — native, push, email, and sound. However, I don’t recommend turning them on unless you decrease the aforementioned percentage ratio to 10% or below. Otherwise, you will be drawn in the flow of alerting signals.

You can get the code of the MT5 and MT4 versions or read more info about this basing candle indicator.

If you find any bugs in this MetaTrader indicator or if you have some feature suggestions, please use the commentary form below.