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RIND - indicator for MetaTrader 5

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votes: 6
2018.07.09 13:46
RIND.mq5 (10.67 KB)view

The range indicator compares daily range (High - Low) to the range between days (Close - PrevClose).

  • Where the intraday range is larger than the interday range, the indicator will have high values, which indicates the stop/end of the current trend;
  • Where the indicator has low values, it means the potential start of a new trend.

The indicator has seven configurable parameters:

  • Period - calculation period;
  • Smoothing - smoothing period;
  • Method - calculation method;
  • Level 1 - values level 1;
  • Level 2 - values level 2;
  • Level 3 - values level 3;
  • Level 4 - values level 4;


RIND = MA(Range, Smoothing, Method)


MA - moving average on the Range data with the Smoothing period and the Method calculation method

If Max - Min > 0:

Range = 100.0 * (Value - Min) / (Max - Min)


Range = 100.0 * (Value - Min)

Если Close > PrevClose:

Value = TrueRange / (Close - PrevClose


Value = TrueRange

Max, Min - the highest and the lowest Value within Period

TrueRange = Maximum(High, PrevClose) - Minimum(Low, PrevClose)

Maximum, Minimum - the highest and the lowest values of the two

Translated from Russian by MetaQuotes Software Corp.
Original code:

SRange_Contraction SRange_Contraction

A signal indicator of daily ranges.


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