Moving averages are very useful indicators. They provide a lot of versatility in technical analysis and are used by professional traders. This indicator uses this kind a moving average line to provide an improved identification of trends.
This indicator will change the color of the candlestick depending on whether the price is higher or lower than a certain moving average. This makes it possible to judge uptrends and downtrends at a glance. Here we will introduce such an intriguing MT4 indicator.
This indicator makes it easy to see moving averages and price crossovers.
In the above example, the candlestick is set to be blue if the price exceeds the 200-day moving average line. Conversely, if the price falls below the 200-day moving average line, the candlestick turns red. Thus, it is characterized that the moving average line and the price crossover can be more easily checked visually.
If you are trading with moving averages and price crossovers, you should be able to use them immediately. You can set the coloring etc. according to your preferences, so please feel free to try various options.
In addition, changes in candlesticks indicate changes in trends. Therefore, it would be good to close the position if the color changes. You can also place a buy or sell order to match the color change.
- Candle MA Period: Periods for MA calculation
- Candle MA Shift: Determines MA Shift
- Candle MA Method: Choose from 0 = SMA; 1 = EMA; 2 = SMMA; 3 = LWMA
- Candle Price: Choose from Close (0), Open (1), High (2) and Low (3)
- Candle_Shadow_Width: Width of candle's shadow
- Candle_Body_Width: Width of candle's body
Download "MA Candles Two Colors" for free from the button below:
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.