Author: Executer
The ExCandles2 indicator is a powerful tool for traders using MetaTrader 5, designed to enhance your trading experience by showcasing candlestick combinations directly on your charts with arrows. This upgraded version builds on the original ExCandles.
Here are the key parameters for customizing the ExCandles2:
- ExPeriod: Number of bars used for filtering trends;
- TrendFilter: Toggle trend filtering on or off;
- how_bars: The number of bars to calculate (use 0 for all bars).
- UpSymbol: Symbol index indicating an uptrend;
- DnSymbol: Symbol index indicating a downtrend;
- VertShift: Vertical shift of symbols from the candlesticks in points.
The ExCandles2 supports a variety of candlestick patterns, including:
- Shooting Star
- Inverted Hammer
- Hanging Man
- Hammer
- Bearish Engulfing
- Bullish Engulfing
- Dark Cloud Cover
- Piercing Line
- Evening Star
- Morning Star
- Evening Doji Star
- Morning Doji Star
If you're curious as to why most of the combinations focus on Bullish and Bearish Engulfing, it’s because these patterns are some of the most prevalent in trading—there's no mistake about it!
Originally developed in MQL4, the ExCandles indicator was first published in the Code Base at mql4.com back on January 15, 2007.
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