Skip to content
All library documents

Coloring Higher-Timeframe Candles by BlauTSStochastic Direction

Article MQL5 code base
Read the original

Summary

The document describes a chart indicator that displays candles from a larger timeframe as filled rectangles. It uses the direction change of the BlauTSStochastic histogram to color the candle body and shadows: bodies are green or red, while shadows are lime or pink. This gives traders a visual way to view higher-timeframe price bars alongside changes in the oscillator’s direction.

The description is conceptual and does not provide trading rules, performance evidence, parameter guidance, or examples for interpreting the colors. The indicator depends on a separately compiled BlauTSStochastic file being installed in the platform’s indicators folder. As presented, it is a visualization aid rather than a tested strategy, and the document does not establish that its color signals predict future price movement.

Key ideas

  • The indicator renders candles from a higher timeframe as filled chart rectangles.
  • Candle colors reflect whether the BlauTSStochastic histogram changes direction.
  • The candle body and shadows use separate color assignments for trend direction.
  • The indicator requires the BlauTSStochastic component to be installed.
  • No entry rules or evidence of trading performance are provided.

Tags

Technical indicatorsFutures

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