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See Moving Average as Japanese Candlesticks

November 29, 2010 (Last updated on December 17, 2010) by

I’ve always wondered why some traders choose to use moving average calculated on Close, some on Open, some on High and some on Low. The resulting curves can be quite different and its difficult to decide which one is better for analysis. Moving Average Candlesticks solves the problem by displaying the moving average (simple, exponential or any other) in a form of Japanese candlesticks. It draws the additional candlesticks (blue and yellow by default) on the main chart, showing the MAs calculated on all 4 possible price levels — Close, Open, High and Low. Here are some of the indicator’s features:

  • Works in MT4 and MT5 equally.
  • Description inside the code and in platform (for MT5).
  • Fast calculation (it’s faster in MT4).
  • Flexible control — change colors, periods, timeframes, MA mode, etc.
  • Deeper level of analysis in a compact form.

You can get the code of the MT5 and MT4 versions or read more info about this MA visualization.

If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please, use the commentary form below.

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