The Candle Ratio Metatrader 5 custom indicator displays the ratio that exist between the bullish and bearish candlesticks over the defined time space.
The Candle_Ratio MT5 indicator consist of three input parameters:
Period – defines the period for calculation
Smoothing period – defines the period of smoothing
Method – defines the method of smoothing
The Candle_Ratio custom Metatrader 5 indicator runs a separate window with two lines that are filled red and green.
Both lines are seen to crossover each other as price travels along the activity chart.
There are quite a number of things to take home by just starring at the Candle_Ratio, one of them is the fact that price is said to be bullish when the red line of Candle_Ratio MT5 indicator intersect the green line to stay below it.
On the contrary, if the red line of the Candle_Ratio Metatrader 5 indicator intersect the green line to hover above it, price is said to be bearish.
Additional confirmation is needed when trading signals from the Candle_Ratio MT5 indicator, considering the fact that it performs poorly when deployed in isolation.
The formula for the Candle_Ratio MT5 indicator is shown as:
Up = 0;
Ratio = Sum(Up) / Sum (Down);
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Smoothing period, Method), 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 Candle_Ratio.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)