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Published:

2018.07.09 13:46

Updated:

2018.09.19 13:54

RIND.mq5 (10.67 KB) view

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The range indicator compares daily range (High - Low) to the range between days (Close - PrevClose).

Where the intraday range is larger than the interday range, the indicator will have high values, which indicates the stop/end of the current trend;
Where the indicator has low values, it means the potential start of a new trend.

The indicator has seven configurable parameters:

Period - calculation period;
Smoothing - smoothing period;
Method - calculation method;
Level 1 - values level 1;
Level 2 - values level 2;
Level 3 - values level 3;
Level 4 - values level 4;

Calculation:

RIND = MA(Range, Smoothing, Method)

where:

MA - moving average on the Range data with the Smoothing period and the Method calculation method

If Max - Min > 0:

Range = 100.0 * (Value - Min) / (Max - Min)

otherwise:

Range = 100.0 * (Value - Min)

If Close > PrevClose:

Value = TrueRange / (Close - PrevClose

otherwise:

Value = TrueRange

Max, Min - the highest and the lowest Value within Period

TrueRange = Maximum(High, PrevClose) - Minimum(Low, PrevClose)

Maximum, Minimum - the highest and the lowest values of the two

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21110

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A signal indicator of daily ranges.

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RIND - indicator for MetaTrader 5