This indicator draws different coloured candles above and below a Kijun Sen (KS) line. One of the best Metatrader indicators that I have personally used.
The user is required to ensure that the Kijun Sen period on both the present Indicator and the user provided Kijun Sen match each other exactly. This indicator has been updated to automatically change the the chart to a Line Chart and set the Line Chart to colour None before drawing the the Kijun Sen Candles.
Steps 1 to 7 are therefore no longer necessary.
- Open a new chart.
- Change the chart price graphic to Line Chart – Press (Alt + 3) or locate ‘Charts’ on top menu and select ‘Line Chart’. Make sure that ‘Bar Chart’ or ‘Candlesticks’ is not accidentally selected.
- Open the Chart Properties window – press (F8) or right click anywhere on the chart and select ‘Properties’.
- Select the Colors tab.
- Select ‘Line Chart:’, now select the ‘▼’ and change color to ‘None’. The chart should now have no graphical price displayed and is referred to as the blank chart.
- A template of the blank chart can be made for further use with other currency pairs or instruments.
- Attach Indicator Color Candles cross Kijun Sen to the blank chart.
Kijun Sen Indicator: Predefined Kijun Sen Indicators of periods 21, 34, 50 and 100 are included in a zip file above.
First vertical Line – London Open 08:00 (03:00 ET). Second vertical line – London 13:30 (08:30 ET – US News Release). Session Open V-Line
Candle Accuracy: Although the standard chart price graphic is hidden it is not disabled and Open, High, Low and Close prices are available in MT4 Data Window (press Ctrl+D or View → Data Window). Accuracy of the Indicators Open, High, Low and Close can be checked against Open, High, Low and Close in MT4 Data Window. When cross-referencing the cursor point must be on the relevant colored candle:
Interpretation of the the Data Windows:
- The hidden candle Open: 1318.6
- The hidden candle High: 1321.1
- The hidden candle Low: 1317.3
- The hidden candle Close: 1319.8
The indicator candle H, L, O and C are listed in Columns R up, R dn, B up and B dn (Red up candle, Red down, Blue uo candle, Blue down candle).
The hidden candle open is less than the close so the candle is a up candle. The indicator Red up candle in column 1 corresponds to the hidden up candle.
- R up L: 1317.3
- B up H: 1321.1
- R up O: 1318.6
- R up C: 1319.8
All Inputs parameters and options can be changed and will save automatically. If after changing Inputs or Color parameters a Reset is used the Color Candles will display as Bars. To revert to Color Candles switch to a different timeframe and then back.
Input and Parameters
- Candle_Kijun_Sen – 35;
- Candle_Shadow_Width – 1;
- Candle_Body_Width – 3;
HOW TO INSTALL METATRADER INDICATORS ON MT4
Installing indicators on MT4 comes down to:
- Downloading the files (.ex4 and .mq4 formats) – Right click the download button and Save link as…
- Placing them in the MT4 “Indicators” Data Folder
- Closing and re-starting your MT4 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT4 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files).
Go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:
Placing them in the MT4 “Indicators” Data Folder.
Go to the “MQL4” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
For a video on how to install you MT4 indicators please visit our Youtube channel.
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