Theory:
The indicator is using 4 TRiX ( Triple Exponential Moving Averages Oscillator) values: of open, close, high and low to construct candles of this indicator. That produces quite a smooth result (which is not a surprise since the TRiX itself is smooth) that seems to be usable in trading. To further help in trend estimation, an additional Keltner channel (calculated from TRiX candles, not from symbol prices) is calculated and drawn on the same chart.

Usage:
You can use the color change as signals and you can use the Keltner channel values to possibly filter out some false signals.

TRiX Candles with Keltner Channel MT5 Indicator is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.

TRiX Candles with Keltner Channel MT5 Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly.

Higher Resolution Image:
https://drive.google.com/file/d/1jzwpD5yKu3VyluhrmJO74j80FxABX6mP/view?usp=sharing

Among the many ways that forex participants approach the market is through the application of technical analysis. By definition, technical analysis is the study of past and present price action for the accurate prediction of future market behavior. The premier tools for the practice of technical analysis are known as indicators.

When you look for one of the key indicators for your trading system, you probably will turn to the experience of several generations of successful traders.

The indicators which they use really work with and which really bring profit, it is easy to check based on their growing capital.

Indicators come in all shapes and sizes, and each helps the user place evolving price action into a manageable context. While there are many indicators to choose from, all are used to either identify market state or recognise potential trading opportunities.

One of the key benefits to utilising technical indicators is the freedom and flexibility afforded to the trader. Indicators are versatile in that they may be implemented in isolation or within the structure of a broader strategic framework. In each instance, their proper use promotes disciplined and consistent trading in live forex conditions.

*If you need any help with the installation procedure, I will gladly help you via TeamViewer.