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..
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 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
Vídeo


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.

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.
Fixed compatibility issues with the latest MT5 builds
Removed "H1" timeframe restriction.
Bar close projection colors are now taken from the candle colors (1 and 2).
Minor bug fixes.
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
Fixed problem with brokers having an incorrect symbol specification info
Added various optimizations and improvements.
Code cleanup.
Added: 2 MA cross alert (MA1 = fastMA, MA2 = slowMA)
Changed: Alert settings
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
Added Bollinger Bands
Added Super Trend
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
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)
Genius!