Description:

This indicator is based on the article: Getting Clear With Short-Term Swings by Ron Black

http://www.traders.com/Documentation/FEEDbk_docs/2010/09/Black.html

http://www.traders.com/Documentation/FEEDbk_docs/2010/09/TradersTips.html

To set up colored candle charts:

• Switch to Line Chart;
• in Chart Properties window, set Line Chart Color to None (the entire price graph will disappear);
• Copy the ClearMethod.mq4 file to the Indicator directory, it will be used by iCustom();
• Add ClearMethodCandles1 (this must be the first), then ClearMethodCandles2 to the chart;
• If you use black backgrounded chart, set IsBlackChart parameter to true for both indicator.

The histogram shows the distance from the actual switching threshold.

Signals (ClearMethodSignals.mq4):

• Clear signal(x): breaking Clear Line (candles change color here)
• Move signal(arrow): Clear Line moves again after flat (see image below)
• Alert: after a closed bar signal, at the first tick of next bar
  

The drawings and the alerts can be separately switched off.

Image: