Candle Range Envelop
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 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.
Description & Settings
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.
