Live Range Observer
About LiveRange Observer
LiveRange Observer is a technical indicator that is used to identify the bullish / bearish state of the market. It also shows the suitable bid / ask price that you may use as reference in the trading.
This indicator uses MFI (Money Flow Index) and ATR (Average True Range) indicators internally to perform the calculations.
- Period: The period to calculate ATR and MFI. I use this input value to calculate ATR and twice this value to calculate MFI.
- MFI Threshold: The MFI value to identify the strong trend.
- Normalize or Not: Use this flag to get the real price or the smoothed price.
Using in an Expert Advisor
You may want to use this indicator as a reference in your own Expert Advisor. You may use the "iCustom" function in your code to call the indicator.
iLiveRange = iCustom(NULL, 0, "LiveRange", 4, 80.0, false);
There are four buffers in the indicator: the data buffer, the color index buffer and two calculation buffers that contain ATR and MFI values.
If you have any questions regarding the indicator, please write me a message on the MQL5.community or send an email at "jchen#livepim.com".