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2013.03.06 13:25
Indicators

Narrowest Range Signal - indicator for MetaTrader 5

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votes: 26

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:

  1. it is not recommended to use the indicator on the small ("noise") frames.
  2. 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 Software Corp.
Original code: https://www.mql5.com/ru/code/1558

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