The Candle Sizes indicator for Metatrader 5 is an interesting tool that calculates the average length of candlesticks within a specified time frame.
It draws a green colored line in a dedicated chart that displays the average candle length.
- A green colored candle exceeds the average candle length.
- A gray colored candle is smaller than the average candle length.
You have the flexibility to adjust the following indicator variables and parameters: up color candlestick, down color candlestick.
Enhance the likelihood of profitable Forex trades by combining the Candle Sizes indicator with other technical analysis tools or an existing trading strategy.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The picture below shows how the Candle Sizes indicator looks like when applied to the MT5 chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the candlesizes.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration