hi-lo range oscillator and middle point channel
Info
The hi-lo range oscillator and middle point channel is a Script for MetaTrader 4 that the hi-lo range oscillator and its application are described in the article: system based on the highestlowestrange indicator. the hi-lo range oscillator represents a normalized range of min/max changes in the average price (high[j] + low[j]) / 2.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use hi-lo range oscillator and middle point channel
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
the hi-lo range oscillator and its application are described in the article: system based on the highestlowestrange indicator.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: i-any range indicator - another powerful script for MetaTrader 4 traders.
the hi-lo range oscillator and its application are described in the article: system based on the highestlowestrange indicator. the hi-lo range oscillator represents a normalized range of min/max changes in the average price (high[j] + low[j]) / 2.0, where i+range-1 >= j >= i, and i is the number of the current bar on the chart. it is built in a separate window.Also recommended: i-Any Range Indicator - similar script with strong performance on MetaTrader 4.
the middle point channel is built on the same principle and serves mainly to illustrate trading rules. it is built in the main window.the hi-lo range oscillator and middle point channel are two indicators that work together to provide a comprehensive view of market trends.
You may also like: equivolume and range-bars in the strategy tester - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 magenta
#property indicator_color2 red
#property indicator_color3 aqua
extern int mpc_range = 40;
extern bool lastbaronly = true;
double uppvaluebuffer[];.......
⚠ 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.