Moving Average Candlesticks

Moving Average Candlesticks MetaTrader indicator — is a chart visualization of the standard moving averages using the candlestick bars. It draws the candlesticks based on the moving average values calculated for Close, Open, Low and High. It allows seeing a compact snapshot of the more detailed market information compared with the classic MA indicator. Works with any currency pairs, timeframes and MA modes. Available for MT4 and MT5.

Input parameters:

• MAPeriod (default = 10) — the period of the Moving Average used in calculations.
• MAType (default = 0 (SMA)) — the method of the Moving Average.

This indicator isn't a very good one to use for direct trading. It simply indicates the moving average cross as well as some other parameters of the chart. Use it to spot the irregularities in the price behavior by observing the candlestick body length and the lengths of shadows. Its change of color might seem a good entry signal but it will give a lot of fake signals too.

Downloads:

Moving Average Candlesticks for MetaTrader 4 in .zip

Moving Average Candlesticks for MetaTrader 4 in .mq4

Moving Average Candlesticks for MetaTrader 5 in .zip

Moving Average Candlesticks for MetaTrader 5 in .mq5

Discussion:

Do you have any suggestions or questions regarding this indicator? You can always discuss Moving Average Candlesticks with the other traders and MQL programmers on the indicators forums.