Narrowest Range Signal - indicatore per MetaTrader 5

The idea of the indicator is a variation of iVLT. Algorithm for calculation is in the following:

• on each bar calculate the range for the set number of bars, i.e. the distance from the maximum high to the minimum low.
• if range calculated on the current bar is less than the minimum range calculated on the previous bars, it is a signal of the market compression.
  

Parameters:

• Bars in Range - the number of bars for calculation of the range (the current bar).
  
• Check Period - the period of the minimum range definition.
  

Recommendations:

1. it is not recommended to use the indicator on the small ("noise") frames.
   
2. the indicator doesn't specify the direction, so two variants of use are available as the signal is formed:
   
   
   • place stop orders at the boundaries of the signal range,
   • use in pair with any trend indicator and place stop order only in the trend direction (if there was a breakthrough in the opposite direction, delete stop order).