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Showing posts with the label candles

2 MA Candlesticks

The 2MA Candlesticks is an indicator that paints the candlesticks on the chart depending on the intersection between two given moving averages (exponential, simple etc) that can be defined by the trader. In the example below, we've attached to the chart two moving averages that we use to determine the price movements. These are the 30 EMA and the 55 EMA.
They can be used in a multitude of ways, however they do take space on the chart and the candlesticks look the same. Many traders find the often change in color distracting. To avoid this issue, we've attached the 2MA Candlesticks indicator on the chart and removed the two moving averages. Of course, the settings for the 2MA Candlesticks indicator are the same as the 2 moving averages (30 ema and 55 ema).
Notice how the chart became much clear and the price action way more obvious. We got rid not only of the 2 MA occupying visual space, but also the original candlesticks colors.
You can download this Metatrader indicator free …

Average True Range Candles

The Average True Range (ATR) indicator for MetaTrader will paint the candles on the chart according to the ATR indicator. The settings for the ATR indicator candles can be set by the trader. In the example below, the ATR indicator has the values:
ATR Period 10Multiplier 2 The trader can also set the ATR candles color and, if choosing color 'none' for the ATR line indicator, to hide it (as seen above).
The ATR Candles indicator can be used to understand how the price moves and show the swings that the price forms. With the correct settings for the current chart and time frame, it can be successfully used to enter/exit trades based on the color as it can show exactly when the price reverses.
You can download this RobotFX MT4 indicator for free from here.