Forex Candles Mix MT4 Indicator

Forex Session Quotation Levels MT4 Indicator:

About the Forex Candles Mix MT4 Indicator

This indicator will be VERY USEFUL for anyone who works with candlestick patterns.

This indicator is designed to display the average figure from two adjacent candles (current and previous).

Accordingly, it shows IN CONTEXT the strength or weakness of bulls / bears (!).

But please, don’t forget about the classical basics of technical analysis (!). All indicators are just an auxiliary tool for reading a chart (!).

The indicator also takes into account the DOJI pattern (when the candle has a body of about 1-3 pips) and includes the Doji candle in the calculation.

For example: one of the Doji patterns appeared on the chart – “Morning Star”, “Evening Star”, “Shooting Star”, “Long-legged Doji”. For an experienced trader, such a pattern is a signal to enter the market. But the decision can be wrong?! This indicator is written for such cases. It clarifies what the Doji pattern has become and displays a new pattern:

 

For example, “Evening Star Doji” turned into “Hammer”, or “Ice cream on a stick”, or “Hanged Man” – this will help the trader to make a more accurate decision to open a deal!

 

Description of indicator settings:

There are 3 options for drawing matched candlesticks (the Tipe Visible parameter):

 

all – for all candles;

ZZ – only on Zig-Zag tops;

opposing – for current and previous, taking into account the minimum body of the previous candle, and IF they are different (bullish and bearish. Identical candles are ignored)

(very useful when a candle on the chart forms a DOJI pattern with a minimum body of 2-3 pips. In this case, the indicator will take data from three candles (the current one and the previous two)).

 

Render type:

simple – converged bars are drawn as a “ladder”, as on the chart;
candles nearby – drawing in 1 row, when the Low of each bar is tied to lvl.0;
candles apart – bars are drawn up or down from level 0.
Min points candles – minimum candlestick body in pips for calculating the Doji pattern (recommended value from 1 to 4)
ZZ Depth, ZZ Deviation, ZZ Backstep – settings of the Zig-Zag indicator on the vertices of which mixed figures will be displayed

IMPORTANT – for the correct display of the thickness of the figures – set all settings in the “INPUT PARAMETERS” tab

Test results:

Forex Candles Mix MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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