Candle Ratio MT5 Forex Indicator Free Download

The Candle Ratio indicator measures the ratio between the bullish and bearish chart candlesticks over the defined period.

It consists of two lines: colorized red (smoother line) and green (sensitive line).

The indicator is displayed in a separate window below the main trading chart.

Candle Ratio MT5 Forex Indicator Free Download

It fits all kinds of timeframes and currency pairs.

You can modify the default indicator settings directly from the input tab. Feel free to try it out with the settings and parameters to fit your preferences. Let’s take a closer look at these given inputs below.

Period – defines the period for calculation;

Smoothing period – defines the period of smoothing;

Method – describes the method of smoothing.

The formula for the Candle Ratio mt5 forex indicator:

The calculations of the Candle Ratio mt5 forex indicator are based on the following formula:

Up Candle

Up = close-open;

Dow n= 0;

Down Candle

Down = open-close;

Up = 0;

Ratio = Sum(Up) / Sum (Down);

How to use the Candle Ratio indicator:

The gauge’s signals are simply crossover, which looks as follows. The chart price is considered to be bullish when the green color line cross above the red line. Similarly, the price is considered bearish when the green color line cross below the red color line.

We do not suggest using that gauge as a standalone forex trading tool. Instead, use it in conjunction with some other technical analysis forex indicators.

How to set up the Candle Ratio indicator in MT5?

Installation Guide

Copy and paste the Candle_Ratio.mq5 or Candle_Ratio.ex5 indicator files into the MQL5 folder of the MetaTrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.

Bottom Line

The Candle Ratio indicator is well worth adding to your trading collection but remembers to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it.