PrismRange Expansion Meter
- Indicatori
- Versione: 1.0
- Attivazioni: 5
PrismRange Expansion Meter — MQL5 Market Product Description
Short Description
PrismRange Expansion Meter is a MetaTrader 5 custom indicator that measures directional candle range expansion compared with recent average range, then displays an oscillator, signal line, histogram, and optional closed-bar arrows.
Main Description
PrismRange Expansion Meter is a professional MetaTrader 5 custom indicator designed for manual traders who want to observe whether candles are expanding beyond their recent average range and whether that expansion is bullish or bearish. It is not based on RSI, ATR handles, Donchian channels, VWAP, wick imbalance, candle body pressure, efficiency flow, regression slope, momentum acceleration, balance pulse, directional consistency, MACD, Bollinger Bands, or Stochastic logic.
The indicator compares the current candle high-low range with the average high-low range over the selected Range Average Period. If the candle is bullish, expansion is shown as positive. If the candle is bearish, expansion is shown as negative. The result is bounded from -100 to +100.
A signal line is calculated as a simple moving average of the Range Expansion line. Optional arrows appear when the Range Expansion line crosses the signal line with enough strength. By default, signals are based on closed bars only, so closed-bar signals do not use future candles and do not repaint.
This version is designed with validation performance in mind. It uses optimized rolling calculation on initialization and limits recalculation on later ticks by using prev_calculated. It also avoids external indicator handles, DLLs, WebRequest, file access, and trading operations.
Core Logic
Candle Range = High - Low
Average Range = SMA of Candle Range over the selected Range Average Period
Raw Expansion = (Candle Range - Average Range) / Average Range
If Close > Open, the expansion value is positive.
If Close < Open, the expansion value is negative.
If Close = Open, the expansion value is neutral.
Range Expansion = 100 × Raw Expansion × Direction
Signal Line = SMA of Range Expansion
The output is limited to the range from -100 to +100.
Key Features
- Directional range expansion oscillator.
- Average candle range comparison.
- SMA signal line.
- Bullish and bearish histogram.
- Optional buy and sell arrows.
- Optional popup alerts.
- Closed-bar signal mode by default.
- Optimized calculation for faster Strategy Tester execution.
- No future data.
- No repainting of closed-bar signals.
- No automatic trading.
- No DLL.
- No WebRequest.
- No file access.
Input Parameters
Range Average Period
Default: 20
Controls how many candles are used to calculate the average high-low range.
Signal Period
Default: 8
Controls the smoothing period of the signal line.
Minimum Signal Strength
Default: 7.0
Controls the minimum positive or negative expansion value required for an arrow signal.
Show Histogram
Default: true
Shows or hides the bullish and bearish histogram.
Show Arrows
Default: true
Shows or hides range expansion cross arrows.
Use Current Bar For Signals
Default: false
If false, arrows are generated from closed bars only. If true, current-bar arrows may appear and can change before the candle closes.
Enable Popup Alerts
Default: false
Enables or disables popup alerts.
Alert On Current Bar
Default: false
Controls whether alerts are based on the current forming bar or the last closed bar.
No-Repaint Explanation
By default, Use Current Bar For Signals is false. Signals are generated on closed candles only. The indicator calculates each bar using only data available at that bar and older bars. It does not use future candles.
Risk Disclaimer
Trading financial markets involves risk. This indicator is a technical analysis tool and does not guarantee future results.
