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Indicators

RIND - indicator for MetaTrader 5

Scriptor | English Русский 中文 Español Deutsch 日本語

Views:
341
Rating:
votes: 8
Published:
2018.07.09 13:46
Updated:
2018.09.19 13:54
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;

Calculation:

RIND = MA(Range, Smoothing, Method)

where:

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)

otherwise:

Range = 100.0 * (Value - Min)

If Close > PrevClose:

Value = TrueRange / (Close - PrevClose

otherwise:

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: https://www.mql5.com/ru/code/21110

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