Candle Information with Session filter

This indicator is not a guarantee of profitability but is designed to provide valuable insights and reduce the time spent analyzing charts, allowing you to focus on what matters most—your time.

The "Candle Info" indicator is designed to analyze and display specific candle formations directly on the chart within MetaTrader 4 (MT4). The indicator provides traders with visual cues about market sentiment by identifying various candle formations, such as Higher Highs, Lower Lows, Higher Lows, and Lower Highs. These formations help traders better understand market behavior and potential price movements during different trading sessions.

Key Functions:

1. Candle Formation Detection:

   • The indicator detects and labels specific candle formations:
     • Higher High (HH): Current candle's high is higher than the previous candle's high.
     • Lower Low (LL): Current candle's low is lower than the previous candle's low.
     • Higher Low (HL): Current candle's low is higher than the previous candle's low.
     • Lower High (LH): Current candle's high is lower than the previous candle's high.
   • It also identifies combinations of these formations:
     • HH & HL: Indicates a bullish trend.
     • LL & LH: Indicates a bearish trend.
     • HH & LL: Typically indicates a bullish sentiment, though indeterminate.
     • HL & LH: Typically indicates a bearish sentiment, though indeterminate.

2. Session Filters:

   • The indicator allows users to filter candle formations based on specific trading sessions:
     • Asian Session (Tokyo)
     • European Session (London)
     • North American Session (New York)
     • Pacific Session (Sydney)
   • Users can toggle the visibility of formations based on these sessions, making it easier to focus on specific market hours.

3. Visual Representation:

   • Bullish Formations are displayed below the candle, with customizable color (default: blue).
   • Bearish Formations are displayed above the candle, with customizable color (default: red).
   • The indicator automatically adjusts the text position to ensure clear visibility on the chart, making it easy for traders to quickly identify key patterns.

4. Alerts and Notifications:

   • The indicator includes a robust alert system to notify traders of new formations:
     • On-screen Alerts: Pop-up alerts within the MT4 platform.
     • Push Notifications: Alerts sent to mobile devices via the MT4 app.
     • Email Alerts: Notifications sent via email.
     • Sound Alerts: Audible alerts to draw immediate attention.
   • Traders can configure which alerts they want to receive, allowing them to stay informed even when away from their trading platform.

5. Daylight Saving Time (DST) Adjustment:

   • The indicator automatically adjusts session times for Daylight Saving Time (DST) in both European and North American markets, ensuring that the session filters remain accurate throughout the year.

6. Customizable Display Options:

   • Traders can customize various aspects of the indicator, including:
     • Text Color: Set separate colors for bullish and bearish formations.
     • Font Size: Adjust the size of the displayed text.
     • Session Visibility: Choose which sessions to display formations for.
     • Formation Visibility: Toggle the visibility of specific formations (HH, LL, HL, LH).

7. Efficient Chart Management:

   • The indicator ensures that only relevant information is displayed by removing outdated objects from the chart, keeping the visual presentation clean and clutter-free.

Usability:

• For Trend Traders: The "Candle Info" indicator is particularly useful for trend traders who rely on understanding the strength and direction of price movements. By identifying key formations like HH & HL or LL & LH, traders can gain insights into potential trend continuation or reversal points.

• For Session-Based Trading: Traders who focus on specific sessions (e.g., the London or New York session) can filter out noise from other sessions and concentrate on the formations that occur during their preferred trading hours. This makes the indicator an excellent tool for session-based strategies.

• For Market Sentiment Analysis: The indicator helps traders gauge market sentiment by visually representing bullish and bearish formations. This can be especially useful when combined with other technical indicators or price action analysis.

Conclusion:

The "Candle Info" indicator is a versatile and powerful tool for MT4 traders. It combines candle formation analysis with session filtering, customizable visual representation, and an alert system to help traders make informed decisions. Whether you are a trend trader, session trader, or simply looking to enhance your market analysis, the CandleInfo indicator offers valuable insights and practical functionality.