Constant Range Detector Indicator
Info
The Constant Range Detector Indicator is a Indicator for MetaTrader 4 that this indicator is designed for use with constant range charts, such as range bars or renko boxes, rather than standard candle or bar charts. Constant range candles/bars have the same pip range value from high to low, whereas standard candles/bars have varying pip range values.
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 Constant Range Detector 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
This indicator is designed for use with constant range charts, such as Range Bars or Renko Boxes, rather than standard candle or bar charts.
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.
This indicator is designed for use with constant range charts, such as Range Bars or Renko Boxes, rather than standard candle or bar charts.Also recommended: atr normalize and range rider - similar indicator with strong performance on MetaTrader 4.
Constant range candles/bars have the same pip range value from high to low, whereas standard candles/bars have varying pip range values.
The indicator calculates the pip range of the 8th historical candle/bar from the current one, and as new candles/bars form, it moves to the next candle/bar to the right.
When used with constant range charts, the indicator provides a fixed range output for each successive 8th candle/bar. However, when used with standard charts, the range output will vary with each new candle/bar.
Example:
- Constant Range (CR): CR 50
- lcrudeaug12: 79.58 high - 79.08 low (illustrative data)
Note: Data window may display high-low subtraction values of 150 for 15 pips, 200 for 20 pips, etc., on 3 & 5 digit pricing.
Constant Range Chart: CR 10
- wti-oil: 200 LWMA - Williams Aligator
The Ask-Bid + Spread indicator can be used on constant range templates and generated range charts to ensure synchronization and updating.
Free Constant Range Indicators:
- Option 1: Point-based, requires additional zero for 3 & 5 digit pricing (e.g., 25 pip range = 250). Automatic refreshes and generates range candles/bars on MT4 start.
- Option 2: Pip-based, requires manual refresh on MT4 start by setting 1m feeder chart to 5m and back to 1m.
Constant Range Bars: Flawless performance, license linked to external server.
For more information, search for 'range bars', 'constant range bars', or 'range bar trading' online.
Tip: Create ready-made constant range templates for convenience. The base template cr-0-blank.tpl for 1m chart is provided for download, requiring the Ask-Bid+Spread indicator.
You may also like: average daily range indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
extern string text = "cr";
extern int corner = 1;
extern int x_distance = 25;
extern int y_distance = 100;
extern color font_color = plum;
extern int font_size = 11;
extern string font_face = "verdana bold";.......
⚠ 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.