candle range meta trader indicator
Info
The candle range meta trader indicator is a Indicator for MetaTrader 4 that input parameters showbodysize(default = false) — if true, a candle's body size will also be shown. havepipettes(default = false) — if true, the indicator will assume that the currency pair's quote contains pipettes and will show the pip ranges accordingly.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use candle range meta trader indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
input parameters showbodysize(default = false) — if true, a candle's body size will also be shown.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - another powerful indicator for MetaTrader 4 traders.
input parametersAlso recommended: size of the candle body - similar indicator with strong performance on MetaTrader 4.
showbodysize
(default = false) — if true, a candle's body size will also be shown.
havepipettes
(default = false) — if true, the indicator will assume that the currency pair's quote contains pipettes and will show the pip ranges accordingly.
truerange
(default = false) — if true, the indicator will calculate true range (including the gap part) instead of the normal range.
font_color
(default = clrlightgray) — the color of the candle range indicator.
font_size
(default = 10) — the size of the candle range indicator.
font_face
(default = "verdana") — the font of the candle range indicator.
corner
(default = corner_left_upper) — the location for the candle range indicator on the chart.
distance_x
(default = 3) — the horizontal distance from the corner to the indicator.
distance_y
(default = 12) — the vertical distance from the corner to the indicator.
drawtextasbackground
(default = false) — if true, the text label with the candle range value will be drawn as background. it can be useful if you want to prevent the indicator from obscuring the chart.
objectprefix
(default = "cr-") — the prefix for chart objects for compatibility with other indicators.
You may also like: atr normalize and range rider - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "RobotFX"
#property version "1.01"
#property strict
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property indicator_chart_window
#property indicator_plots 0
input bool ShowBodySize = false; // ShowBodySize: if true, body size will be shown too.
input bool HavePipettes = false; // HavePipettes: if true, ranges will be divided by 10.
input bool TrueRange = false; // TrueRange: if true, use true range formula........
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.