The Daily Candle Size indicator for Metatrader 5 displays the daily candle sizes for several trading days in a dedicated chart window.
The indicator appears as red colored bars on the chart. Each bar corresponds to 1 trading day.
Key takeaways:
- A big red candle indicates high levels of market volatility.
- A small red candle indicates limited market volatility.
You have the flexibility to adjust the following indicator variables and parameters: daily candle size color.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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Chart Example
The picture below shows how the Daily Candle Size 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 DailySize.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
