candle range envelop
Info
The candle range envelop is a Indicator for MetaTrader 5 that candle range envelop indicator displays candle length, average length for a period and two envelopes forming minimum and maximum values channel as a color histogram. it has eight adjustable parameters:range period- averaging range periodsignal period- signal (central) line perioddeviation period- deviation calculation period for calculating the channeldeviation multiplier- channel widthpercent top envelope- upper envelope deviation percentagepercent bottom envelope- lower envelope deviation percentageenvelop method- envelope calculation methoddeviation - standard deviationpercentage - percentage of the deviation set in the percent top envelopeand percent bottom envelopeparametersprice method- candle length calculation methodhigh/low- size of a candle with wicksopen/close- candle body sizehistogram columns corresponding to candles, the size of which is within the channel, are colored gray.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use candle range envelop
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
candle range envelop indicator displays candle length, average length for a period and two envelopes forming minimum and maximum values channel as a color histogram.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
candle range envelop indicator displays candle length, average length for a period and two envelopes forming minimum and maximum values channel as a color histogram.it has eight adjustable parameters:
range period
- averaging range period
signal period
- signal (central) line period
deviation period
- deviation calculation period for calculating the channel
deviation multiplier
- channel width
percent top envelope
- upper envelope deviation percentage
percent bottom envelope
- lower envelope deviation percentage
envelop method
- envelope calculation method
deviation
- standard deviation
percentage
- percentage of the deviation set in the
percent top envelope
and
percent bottom envelope
parameters
price method
- candle length calculation method
high/low
- size of a candle with wicks
open/close
- candle body size
histogram columns corresponding to candles, the size of which is within the channel, are colored gray.histogram columns corresponding to candles, the size of which exceeds the upper channel envelope, are colored green.histogram columns corresponding to candles, the size of which is less than the lower channel envelope, are colored red.
You may also like: Quantora Candle Countdown MT5: Professional Real-Time Candle Timer - excellent alternative for indicator users on MetaTrader 5.
Source Code
/.......
⚠ 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.