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Range Bars Charting

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 is able to 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 denoted in points
  • ATR based bar size setting (a user-defined percentage of the daily ATR value is used to set the range bar size)
  • Show history for a defined number of days preceding the current day.
  • Synchronize first bar's open on a new day (true/false)
  • Display as a bar chart (true/false).

Settings for additional information:

  • Top/Bottom padding (0.0 - 1.0) - used to set the margins above and below the visible high & low of the visible range bar chart.
  • 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 ).
  • Show current bar's close projections (true/false) + bullish bar projection color and bearish bar projection color.
  • Display current bar's open time along with bar size (true/false) + Current bar's open time info color.

Audio and visual alerts:

  • Play sound on new bar (true/false)
  • Only play sound on reversals (true/false)
  • Display Alert window with new bar info (true/false)
  • Send new bar info push notifications to smartphone via Metatrader App (true/false)
  • Use sound file for bullish bar close (file selection)
  • Use sound file for bearish bar close (file selection)

Technical studies:

  • Show first/second/third MA.
  • 1st/2nd/3rd MA period.
  • 1st/2nd/3rd MA method (Simple, Exponential, Smooth, Linear-weighted, Volume-weighted using tick volume or real volume).
  • 1st/2nd/3rd MA apply to.
  • 1st/2nd/3rd MA shift.
  • Show Channel (None, Donchian Channel, Bollinger Bands, Super Trend).
  • Donchian Channel period of averaging.
  • Bollinger Bands apply to.
  • Bollinger Bands period.
  • Bollinger Bands deviations.
  • Super Trend period.
  • Super Trend multiplier.
Max Buehler
2017.11.09 11:55 


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.