Candle Range
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Candle Range
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.
Description & Settings
Two histograms in one window, showing the maximum average price deviation in points from the initial value. The upper green histogram is the averaged difference between High and Open of a price series. The lower histogram shows the average difference between Low and Open of a price series. A bright color of the upper histogram indicates the growth of the candlestick High. Brighter color of the lower histogram means the decrease of the candlestick Low. Dark colors indicate the opposite.
The indicator uses the SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The detailed description of the classes is available in the article .
Fig. 1. The CandleRange indicator
