Watch how to download trading robots for free

Find us on Twitter!
Join our fan page

Interesting script?
So post a link to it -
let others appraise it

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

Views:: 3801
Rating:: (8)
Published:: 2018.07.09 13:46
Updated:: 2018.09.19 13:54

RIND.mq5 (10.67 KB) view

Download as ZIP, How to download code from MetaEditor

: Need a robot or indicator based on this code? Order it on Freelance Go to Freelance

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

SRange_Contraction

A signal indicator of daily ranges.

PAIN

Oscillator PAIN (Price Action Indicator).

Stoch_RSI

Stochastic relative strength index increases the sensitivity of RSI (Relative Strength Index), the disadvantage of which is fluctuation between boundary lines and no signals to open a position.

TAI

Indicator Trend Analysis Index.

RIND - indicator for MetaTrader 5