The adx candles indicator colours the state of every bar rather than waiting for a signal. Bull and Bear dots sit against each candle according to which directional line leads. Buy and Sell arrows then mark the crosses that also clear the strength floor.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 4: Bull, Bear, Buy, Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 10 |
What the Adx Candles Indicator draws on the chart
Bull dots sit under bars where the positive directional line leads.
Bear dots sit above bars where the negative line leads.
Buy marks a cross to the positive side that also clears TrendLevel.
Sell marks the mirror cross.
Dots and arrows use separate offsets, so a bar can carry both without them overlapping.
- Bull: arrow, lime, width 1, arrow code 159
- Bear: arrow, orange red, width 1, arrow code 159
- Buy: arrow, lime, width 4, arrow code 233
- Sell: arrow, red, width 4, arrow code 234
How the Adx Candles Indicator calculates its values
Reading the directional pair
Four calls pull the positive and negative directional values on the current bar and the one before, all at the AdxPeriod length.
Whichever line sits higher on a bar decides that bar dot colour. That check runs on every bar, which is why the chart carries a continuous read rather than occasional markers.
Dots versus arrows
A dot only reports the current state. It says nothing about whether the state just changed or how strong the move behind it is.
An arrow needs more: the two lines have to have crossed between the previous bar and this one, and the main strength reading has to clear TrendLevel.
Two separate offsets
DotOffsetPoints spaces a dot from its candle and ArrowOffsetPoints spaces an arrow. Both multiply by the symbol point size.
Keeping them separate is what stops a bar carrying both markers from stacking them on top of each other. Neither offset affects when anything fires.
How to read the signals
A run of one dot colour means the directional lead held through those bars.
Dots flipping back and forth mean the two lines are close together, which usually happens when nothing is moving.
An arrow is a dot change that also passed the strength test, so it is strictly rarer than a colour change.
The gap between colour changes and arrows tells you how many turns happened in weak conditions.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Alerts cover popup, push, email and sound on a qualifying cross. A bar time check keeps it to one alert per closed bar.
Every Adx Candles Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
AdxPeriod |
AdxPeriod is the smoothing length for all three readings. It defaults to 14. | 14 |
TrendLevel |
TrendLevel is the strength floor an arrow needs, 20 by default. Raising it towards 30 leaves only crosses inside strong moves. | 20 |
DotOffsetPoints |
DotOffsetPoints spaces a dot from its candle, 15 points by default. | 15 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowOffsetPoints |
ArrowOffsetPoints does the same for an arrow at 40, deliberately further out so the two never collide. | 40 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
(see inputs panel) | on |
EnablePopup |
(see inputs panel) | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
(see inputs panel) | off |
SoundFile |
(see inputs panel) | alert.wav |
Settings that fit your chart
The screenshot uses EURUSD H1. Dotting every bar suits a chart where the directional lead persists for a stretch, which describes majors on H1 and above. On M1 and M5 the dots alternate constantly and the continuous read stops being readable.
When the Adx Candles Indicator fails
A dot on every bar makes a busy chart, and on a fast timeframe the colour changes carry very little.
The directional pair can lead in one direction while price goes nowhere, since the reading measures movement rather than net progress.
All three readings lag, so a dot colour changes after the move that caused it began.
TrendLevel gates the arrows only. The dots ignore strength entirely, which is easy to forget when reading the chart quickly.
Copy the compiled Adx Candles Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Background reading on the method behind the Adx Candles Indicator: Chart pattern on Wikipedia, Average Directional Index ADX at StockCharts ChartSchool.
Download the Adx Candles Indicator for MT4 and MT5
The zip holds the compiled Adx Candles Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
What is the difference between a Bull dot and a Buy arrow?
A dot reports the current state on every bar: which directional line is leading. An arrow needs a change of lead between two bars plus the main strength reading above TrendLevel. Every arrow has a dot change beneath it, but most dot changes never earn an arrow.
Why do DotOffsetPoints and ArrowOffsetPoints differ by so much?
Because a bar can carry both markers. The dot sits 15 points from the candle and the arrow 40, so they stack cleanly rather than overlapping. Neither value changes when a marker fires; both are purely about how the chart reads.
Do the dots respect TrendLevel at all?
No, and that is worth knowing. TrendLevel gates arrows only. The dots report the directional lead whatever the strength reading is doing, so a long run of one colour can happen through conditions that would never qualify for an arrow.
Do the Bull and Bear dots become unreadable on M5?
They can. The directional lead changes hands often on a fast chart, so the dots alternate and the continuous read stops helping. Lengthening AdxPeriod steadies them. Raising TrendLevel does nothing here, since it gates the arrows only.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Adx Candles Indicator as one input. Always backtest before trading live.
Category: this is part of our Candle Sticks collection. Then, still, browse more Candle Sticks for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Chart pattern on Wikipedia.
- Additional market context is at Average Directional Index ADX at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.