TheForexGuy
Forex Mentor
Hey guys,
I've been busy in the science lab again cooking up another crazy invention of mine
Download: Go here to download
Sign up with your email and I will send you new versions when the code is updated.
I've basically made an indicator which will paint candles a color theme depending on the market conditions.
There are 3 themes: Bullish, Bearish & Neutral. You have the option to change the default colors to your liking. I've come up with a color theme which I think looks good to start off with.
One goal here is to help newer price action traders with their chart reading skills. It's also a nice change for me as I was sick of staring at the same old plain charts. Sometimes you just need to switch things up for mental stimulation.
The indicator will also feature an Inside day marker, and the breakout trap alert system. So you can remove the old DnB tool from your charts. I am trying to go for an all in one stop shop thing here.
Installation
Step 1:
- Go through each of your charts and Press CTRL+I.
- Remove the inside day indicator
- Remove old DnB Chart tool.
Step 2:
- Click File->Open Data Folder
- A folder will pop up. From here navigate to MQL4->Indicators
- Place the Indicator file here (make sure you extract the indicator from the zip file)
- Close MT4, then reopen it.
Step 3:
- Go to your Mt4 Navigator, which is the window you select indicators from. If you can't see it try pressing CTRL+N
- Expand the Indicator tab so you can see all available indicators
- Double click on TheForexGuyCandlePainter to load it onto the chart
- Press F8, then go to the common tab. Untick 'chart on foreground'
- If you can't see the indicator there, you didn't install it in the correct directory, or you did not restart MT4 < - Go back to Step2
Settings
show_inside_candles
This will turn inside candle marking on/off
show_only_body
This will determine whether the indicator paints the wicks or not. I personally don't like the wicks painted, but you can turn it on/off to your liking.
sensitivity
This number will directly effect all the variables, and algorithms that determine whether conditions are bullish, or bearish.
A higher number will make the indicator want stronger data and signals to start painting candles a bullish or bearish theme. A weaker number will make the indicator switch from bullish to bearish much easier.
By default it is tuned for the daily chart. I did check the lower time frames, it looks good to me, but some traders may want to lower sensitivity for the really low time frames.
show_chart_data
This will turn on/off the chart data from the old dnb tool. The candle countdown, spread and tick value for lot size calculations.
breakout_trap_alert
Switch this off if you don't want to be alerted about pending breakout trap & reverse trades.
breakout_trap_trigger_level
This number is a percentage of the previous candles range. The default is 0.9 = 90%. So if a breakout trap occurs, then price breaks the 90% level of the previous candle range, you will be alerted to a pending breakout trap.
- Changing the value to 1 will alert you to breakout trap trades when they happen.
- Changing the value to 0.8 will alert you when the 80% range is broken by price after a breakout trap. This will give you an 'earlier warning'.
ib_marker_clr
This is the color which Inside Candles will be marked in.
The rest of the color options are pretty self explanatory. This is where you can customize the different color themes for bullish, bearish or neutral candles.
Please give me your feedback, thoughts, or report anything that isn't working.
** Update Version 1.4
- Fixed a bug where bearish breakout traps were not triggering alerts
- Added an option in the input menu to only mark Inside Days on the daily chart (default: true)
