If you're looking to enhance your trading strategy, this innovative indicator could be just what you need. It colors candlesticks based on the strength and direction of market trends, making it easier to spot potential trading opportunities.
This tool utilizes five symmetrical Bollinger Bands, each with distinct deviation parameters. When the price breaks out of the channel with a significant deviation, the candlestick lights up in a brighter hue. For a bullish market, you’ll see spring green shades, while a bearish market will display maroon colors.
With five levels of deviation and a palette of ten colors to represent trends, the indicator paints a clear picture of market dynamics. If the weakest deviation level is not surpassed, the candlesticks will remain uncolored, keeping things simple.
To get started, you’ll need to include the SmoothAlgorithms.mqh library classes in your terminal_data_folder\MQL5\Include directory. For a deeper dive into how these classes work, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
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