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Range Bars Charting

2.5

Range Bars for MetaTrader 5 is a unique tool for conducting technical analysis directly on the charts, as the indicator is an overlay on the main chart and range bars are calculated using real tick data. The trader can place and modify orders directly on the range bar chart (even with the use of one-click trading).

Apart from range candles, the indicator also includes the most commonly used technical studies which are 3 moving averages (Simple, Exponential, Smooth, Linear-weighted, Volume-weighted using tick volume or real volume), that can be customized according to the user's needs.

Several channel types can also be displayed directly on the range bar charts. These include Donchian Channel, Bollinger Bands and Super Trend.

The individual studies can be turned On/Off based on the trader's preference.

Range bar settings include

  • Range bar size (in ticks)
  • Enable ATR based bar size calculation (Yes/No) - user-editable ATR period and percent of daily ATR value used for bar size calculation
  • Show history for several days - desired number of days (plus the current day) for the amount of history to process
  • Synchronize first bar's open on a new day (true/false)
  • Trading session time (HH:mm-HH:mm) - broker's server time is used. Input in the 24H format
  • Show pivot levels - Show Monthly, Weekly and Daily pivot levels plus Daily R1, R2, R3 & S1, S2, S3 (calculated using Classic or Fibonacci method) as well as previous day's High, Low & Close levels with color definitions
  • Pivot Point calculation method ( (H+L+C)/3 or (O+H+L+C)/4 )
  • Pivot & support/resistance color definitions
  • Current bar's open time info color (defines the color for the text displayed above)
  • Alert condition (None / New bar / Reversal bar / MA1 & MA2 crossover / {plus variations})
  • Alert notification type (None /Show in alert box / Play sound / Send push notification / {plus variations})
  • Show MA (Yes/No)
  • MA draw as (Line/Dots)
  • MA period
  • MA method
  • MA apply to
  • MA shift.
  • MA show price label (Yes/No)
  • Show Channel (None, Donchian Channel, Bollinger Bands, Super Trend, Keltner Channel).
  • Channel period.
  • Channel ATR period (used for Keltner Channel only)
  • Channel apply to.
  • Channel multiplier.
  • Channel bands deviations (used for Bullinger Bands only).
  • Channel bands price labels (Yes/No)
  • Channel mid-price label (Yes/No)
  • The indicator used in EA via iCustom() (true/false) - Set this to true only when calling the indicator from an EA, another indicator or Script.
  • Use padding Top/Bottom (0.0 - 1.0) - used to set the margins above and below the visible high & low of the visible range bar chart
  • Display chart info (true/false) - Show current bar's close projections.
  • Use sound file for bullish alerts (.wav sound file located in MetaTrader 5 \Sounds folder).
  • Use sound file for bearish alerts (.wav sound file located in MetaTrader 5 \Sounds folder).
  • Display as a bar chart (true/false).
  • Shift objects with the chart (true/false)

The indicator also features a custom data window where you can inspect each bar's OLHC prices as well as the bar's open time.

The data window is displayed by left-clicking on the selected candle while holding down the Ctrl key on your keyboard.

Chart autoscale feature can be toggled ON/OFF using Ctrl+Q


    Reviews 5
    accname
    385
    accname 2017.11.09 11:55 
     

    Genius!

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    FXIA
    113
    FXIA 2022.10.10 02:53 
     

    My understanding is that this is not the same indicator that we know from this same publisher for use with MT4. It does not generate range bars based on the data you import yourself and then make an offline chart from that data. Instead it relies on data from the broker which may not be reliable. It means we cannot trade an EA based on this chart because it is displayed as an overlay and not a dedicated chart of its own. This is fine for manual trading but any automated trading is not possible. This is was a disappointment for me as I was accustomed to the MT4 version and took it for granted it would be similar. This indicator allow you to display an overlay of virtual candles calculated by: pips ticks points ATR percentage Maybe my review is too harsh then because it does more than one thing but unfortunately these are not tradable charts for EA's. For many people this indicator maybe worth 4 or 5 star review and rating. I just wish I had known what it was I was purchasing at the time. Maybe I can put it to use in the future.

    Frederico De Mello Amaral
    243
    Frederico De Mello Amaral 2019.05.09 02:23 
     

    Completely useless for automated trades. The ranges bars are measured in points following the 1m chart gives a good visual effect but will be a disaster for robots..

    Lyubomir Kratinov
    3346
    Lyubomir Kratinov 2019.04.14 17:32 
     

    Absolutely useless, Please replace my purchase with "RangeBars offline chart generator " , I hope this one will work as best as the one for MT4, Thanks.

    jastejp
    34
    jastejp 2018.05.10 12:10 
     

    I completely disagree with the above review which doesn't have any useful information to back up his comments.

    I have rented this product for 3 months and I am disappointed with it for the following reasons:

    1. It isn't easy to setup because you need to download the files for the indicators to work on the charts. These are available from the author's Github website https://github.com/9nix6/Range-Bars-Charting

    2. The indicators won't work when the markets are closed because the indicators need to receive a tick to for them to display anything. This means you get blank indicator windows when the markets are closed.

    3. As a result of #2 above you cannot do any back testing on the weekends. Not much good if you can only back test during market hours when the EAs should be used to make trades or provide alerts.

    4. No time scale dates/timestamps on the x axis to show when bars open, so when you scroll back in time you don't know the chart date you are looking at.

    5. If you are considering the offline version, the author told me it won't allow you to trade off the charts https://www.mql5.com/en/market/product/29005. I assume that means you can't do any back testing on this product.

    6. I have asked for a refund because I cannot trade with this product which has big issues. I haven't had a reply from the author after 2 days whereas I got response within a day when I had an initial problem setting up the indicators.

    My advice is to use a proper trading platform such as Multicharts which has built-in range bars and renko bars, otherwise you will be struggling and wasting your time/money. I am hoping Metatrader will add this in an upgrade to MT5, but it is probably unlikely.

    accname
    385
    accname 2017.11.09 11:55 
     

    Genius!

    Reply to review
    Version 3.18 2021.07.28
    Bug fixes and code maintenance release.
    Version 3.16 2021.05.10
    Added new dynamic range bar size algorithm (price % as used on Definedge TradePoint);
    Optimized indicator inputs;
    Fixed compatibility with StereoTrader when "Shift objects with chart" is set to YES.

    Version 3.15 2021.05.06
    Fixed MA cross alert bug when the MAs used the shift parameter
    Version 3.14 2021.04.28
    Optimization and code cleanup;
    Indicator parameters grouped into logical blocks;
    Added timeframe selection for ATR calculations;
    Simplified Moving Average inputs (merged ON/OFF and drawing type into a single input);
    Minor bug fixes.
    Version 3.11 2020.09.24
    Added alerts for bearish or bullish only reversals
    Fixed compatibility issues with the latest MT5 builds
    Version 3.10 2020.07.07
    Fixed LWMA indicator bug
    Removed "H1" timeframe restriction.
    Version 3.9 2020.06.16
    Recompiled for better compatibility with the latest MT5 builds
    Version 3.8 2020.03.26
    Fixed alert handler
    Version 3.7 2020.03.25
    Memory usage optimization
    Version 3.6 2020.03.22
    Optimizations
    Version 3.5 2020.03.18
    FIxed ATR based range bar size calculation
    Version 3.4 2020.03.17
    Code maintenance update
    Version 3.3 2020.03.11
    Minor bug fixes
    Version 3.2 2020.02.24
    Range bar size is now denoted in "ticks" for better compatibility with stocks, futures, and indices.
    Bar close projection colors are now taken from the candle colors (1 and 2).
    Minor bug fixes.
    Version 3.1 2020.02.23
    Maintenance update
    Version 3.0 2020.02.23
    Completely rewritten tick data engine (fixed all known and reported bugs found in the previous version)
    Added 4th MA
    Added Linear regression to the available MA types
    Added Keltner Channel to the available channel types
    Added optional trading session timespan with optional gray out of the after-hours zone
    Added more settings to the "Show pivot settings" dropdown
    Added optional price labels for MAs and Channel lines
    Consolidated alert setting inputs from 6 to 2 variables
    Minor bug fixes
    Version 2.16 2019.09.05
    Bugfix for last bar refresh problem found in previous version
    Version 2.15 2019.09.03
    Fixed "duplicate tick" processing problem on the extremely fast-moving charts.
    Fixed problem with brokers having an incorrect symbol specification info
    Added various optimizations and improvements.
    Version 2.14 2019.08.29
    Fixed problem with "invisible range bars" when backtesting with latest MT5 builds.
    Version 2.13 2019.08.23
    Critical bugfix (fixed incorrect tick volume calculation for some historical range bars)
    Version 2.12 2019.05.24
    Bugfix: fixed problem with certain settings resulting in a blank chart.
    Version 2.11 2019.05.13
    Bug fix: Fixed backtesting bug
    Version 2.10 2019.04.24
    Small enhancements & code cleanup
    Version 2.9 2019.03.28
    Added signal candle's close price to alerts;
    Code cleanup.
    Version 2.8 2018.12.19
    Bug fix & maintenance update
    Version 2.7 2018.12.12
    Bug fixes
    Version 2.6 2018.11.23
    Maintenance release
    Version 2.5 2018.06.29
    Maintenance release - code optimization
    Version 2.4 2018.05.15
    Bug fixes.
    Added: 2 MA cross alert (MA1 = fastMA, MA2 = slowMA)
    Changed: Alert settings
    Version 2.3 2018.02.27
    Maintenance release
    Version 2.2 2017.12.01
    Version 2.x uses real tick data to build and update the charts.
    Added: Real tick volume (with Buy/Sell breakdown) is presented where available
    Added: Classic or Fibonacci pivot lines plus support (S1,S2,S3) & resistance (R1, R2, R3) levels
    Added: Previous sessions High, Low and Close levels
    Added: Third moving average
    Added: Volume weighted moving average method (using tick volume or real volume)
    Added: Optional ATR based bar size calculation
    Added: Optional display as bar chart (useful when using with Heiken Ashi indicator)

    All known bugs in version 1.47 have been fixed
    Version 1.47 2017.06.16
    Bug fixes
    Added Bollinger Bands
    Added Super Trend
    Version 1.12 2017.03.23
    Changed: Data window is now displayed when holding CTRL + Left Mouse button
    Added: Display of bar size setting info on chart
    Added: Extra padding space on top & bottom of chart
    Added: Possibility of changing bar colors for gap filling bars
    Version 1.11 2017.03.13
    Bug fix: Visual backtest now works correctly when indicator is used in an EA
    Added new input: Indicator used in EA by iCustom() (true/false) (Prevents incorrect shifting of objects on the chart when indicator used in an EA).
    Added sending new bar/new reversal bar notifications to a smartphone via MetaTrader app.
    Added Bollinger Bands technical indicator
    Added RangeBar Data Window (press and hold left mouse button on a selected RangeBar)
    Version 1.10 2016.06.29
    RangeBar chart now displayed as an overlay on the main chart, so you can use visual order placement and modification directly on the chart.