The indicator of relations between the two true ranges by Larry Williams. The formula for the calculation:
Range Rider=100 * MovingAvg (True Range , fast period) / (MovingAvg (True Range , slow period)
The indicator allows the user to see the period of reduction in the range of price change, which increases the likelihood of future enlargement of daily ranges.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
The original indicator was developed in the MQL4 language and published in the CodeBase on 13.01.2013.
Figure 1. The Range Rider indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/11334
The MFIWithFlat indicator with the timeframe selection option available in input parameters.RSIWithFlat_HTF
The RSIWithFlat indicator with the timeframe selection option available in input parameters.