The ColorKeltnerCandles Forex indicator for MetaTrader 5 recolors price candles based on the strength and direction of the trend, using Keltner Channels.
At its core, ColorKeltnerCandles employs five symmetric Keltner Channels with varying deviation parameters. A breakout beyond a channel with a larger deviation value triggers a more intense candle color. Bullish trends are represented by shades of green and lime; bearish trends use red, pink, and brown hues.
The indicator uses five deviation levels and ten distinct colors to visualize trend intensity. If no channel — even the narrowest (weakest) one — is breached, candles remain uncolored and retain their default appearance.
Note: The ColorKeltnerCandles Forex indicator requires the SmoothAlgorithms.mqh file (included in the download archive). Copy it to your Terminal\MQL5\Include\ folder before use.
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FAQ
How does ColorKeltnerCandles determine trend strength?
It measures how far price moves beyond five progressively wider Keltner Channels — deeper breakouts trigger stronger colors.
What do the candle colors mean?
Green-to-lime shades indicate bullish momentum; red-to-brown shades signal bearish pressure. No color means no significant trend breakout.
Is SmoothAlgorithms.mqh required?
Yes — this library file must be placed in MQL5\Include\ for the indicator to compile and run correctly in MT5.
