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You liked the script? Try it in the MetaTrader 5 terminal

narrowestrangesignal.mq5 (5.35 KB) view

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The idea of the indicator is a variation of iVLT. Algorithm for calculation is in the following:

on each bar calculate the range for the set number of bars, i.e. the distance from the maximum high to the minimum low.
if range calculated on the current bar is less than the minimum range calculated on the previous bars, it is a signal of the market compression.

Parameters:

Bars in Range - the number of bars for calculation of the range (the current bar).
Check Period - the period of the minimum range definition.

Narrowest Range Signal

Recommendations:

it is not recommended to use the indicator on the small ("noise") frames.
the indicator doesn't specify the direction, so two variants of use are available as the signal is formed:
- place stop orders at the boundaries of the signal range,
- use in pair with any trend indicator and place stop order only in the trend direction (if there was a breakthrough in the opposite direction, delete stop order).

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/1558

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