The trend indicator with three states:
The size of bars of the histogram is defined as a multiplication of the candlestick size in points by a volume, and in case of large gaps, as a multiplication of a gap in points by a volume. The criterion for comparison when coloring bars is the histogram deviation value from its average value. Size for comparison is a mean square deviation.
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".
Fig.1 The TrendRange indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1573
An updated version of the CBitPic class with the ability to control drawing transparencyVolatilityPivot
This indicator is calculated on the basis of currency pair volatility displaying the nearest support and resistance level depending on the trend direction.