The Candle Color Counter Metatrader 5 forex indicator is a technical tool that is used to count Bull and Bear candles in the form of bar period bars.
It also calculates percentages.
The indicator is comprised of a blue and a red line that oscillates around the 50.00 mark.
The position of the lines (blue and red) of the indicator determines the direction price is going to take.
Furthermore, when the blue line surges to the 61.8% and the red line dips to the 38.2%, the trend in focus is said to be ended.
When the blue and red lines are around the 50% level, the trend is said to be on track.
Download the “CandleColorCounter.ex5” MT5 indicator
The EUR/CAD H4 chart below displays the Candle Color Counter Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red line of the Candle Color Counter Metatrader 5 forex indicator gets aligned above the 50 mark and also hovers above the blue line (which in turn stays below the 50%).
Sell Signal: Go short when the blue line of the Candle Color Counter Metatrader 5 forex indicator breaks above the 50 mark, while also staying above the red (which in turn stays below the 50% mark).
Exit buy trade: Close all buy orders if while a bullish trend is underway, the lines (red and blue) of the forex indicator intersect on the 50% mark.
Exit sell trade: Close all sell orders if while a bearish trend is underway, the lines (red and blue) of the forex indicator intersect on the 50% mark.
Tips: Trade the Candle Color Counter MT 5 forex indicator alongside other trend following indicators like moving averages to ramp up its market success rate.
Download the “CandleColorCounter.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Bar_Period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the CandleColorCounter.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)