On Balance True Range Indicator
Info
The On Balance True Range Indicator is a Indicator for MetaTrader 4 that the on balance true range indicator is designed to overcome some of the limitations of the volumes indicator by utilizing the range. This indicator offers many options to suit various strategies and works well as a confirm tool with other standard indicators.
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 On Balance True Range 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
The On Balance True Range Indicator is designed to overcome some of the limitations of the volumes indicator by utilizing the range.
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: True Range Envelopes - another powerful indicator for MetaTrader 4 traders.
The On Balance True Range Indicator is designed to overcome some of the limitations of the volumes indicator by utilizing the range.Also recommended: Balance Sheet - similar indicator with strong performance on MetaTrader 4.
This indicator offers many options to suit various strategies and works well as a confirm tool with other standard indicators.
It is recommended to use it in conjunction with MACD signals and a 9 ema smooth of the OBTR.
The proximity parameter in the settings determines how close to either side of the Slow ma in pips the OBTR line should come before a cross is shown.
If set to a certain value, this will mean a range of pips will be grayed out, serving as a breakout point.
Setting it to a small value often shows the end of a retrace in a trend.
The maximum setting is designed to gray out those areas where the difference between the MA and OBTR exceeds the setting.
Basic rules for using this indicator include:
- Gray: MA close to OBTR: Look for a breakout or trend continuation.
- Gray: MA far from OBTR: Take profit or reverse trade.
- Blue: Look for an opportunity to go long.
- Orange: Look for a reason to short.
The slow MA is a tri color line and if the line is neither Lime or Red but gray, this may indicate the end of an upswing in a downtrend.
This indicator is a handy addition to your toolbox.
You may also like: Daily Balance Sheet - excellent alternative for indicator users on MetaTrader 4.
⚠ 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.