Ranging Market Detector - MetaTrader 5용 지표

This is an effort to build an indicator that highlights a ranging market period with a standard object that uses a dynamic anchor point. The detection is non lagging, and has two modes of operation - it can determine a range based on a point threshold, or it can determine the range dynamically with ATR and a multiplier. By default it is using ATR as it seems to be fit for this purpose. A pseudo chart is created separate from the original chart so that the candles within the range are also colored differently. The logic used to determine a range is very simple. There are customizable inputs to define the ATR period and multiplier so that you can define what a market range means to you personally. Sometimes a ranging market means something different to different people. A longterm trader might prefer to ignore a lot a market activity, while a scalper might prefer to acknowledge smaller ranges.