Coloring Candles by Their Position Relative to a Moving Average

Summary

This MetaTrader indicator colors candles according to their relationship with a moving average. It supports simple, exponential, smoothed, weighted, and triangular methods, along with standard period, shift, method, and price inputs. The instructions emphasize matching the indicator’s settings to the separately supplied moving average so that the color changes correspond to the intended comparison.

The document explains how to hide the platform’s ordinary price display while retaining OHLC data for checking the indicator’s colored candles in the data window. It also describes candle color and direction labels, default settings, and a display reset workaround. This is a charting aid rather than a trading strategy: it provides no evidence that moving-average coloring predicts returns, and users must verify settings and displayed values on their own charts.

Key ideas

• The indicator colors candles based on their position relative to a moving average.
• It supports several moving-average methods and configurable price inputs.
• The indicator and reference moving average must use matching parameters for the comparison to be meaningful.
• Hidden chart prices remain available for checking the colored candles’ OHLC values.
• The document describes visualization and setup, not trading performance or predictive evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.