Range Indicator (RIND)
Info
The Range Indicator (RIND) is a Indicator for MetaTrader 5 that the range indicator (rind) compares the daily price range (high minus low) to the range between consecutive closing prices (close minus prevclose). When the intraday range is significantly larger than the interday range, the indicator will show high values, suggesting a potential end or pause in the current trend.
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 Range Indicator (RIND)
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 Range Indicator (RIND) compares the daily price range (high minus low) to the range between consecutive closing prices (close minus prevclose).
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: Trading Session Boxes Indicator for MT4/MT5 - another powerful indicator for MetaTrader 5 traders.
The Range Indicator (RIND) compares the daily price range (high minus low) to the range between consecutive closing prices (close minus prevclose).Also recommended: ADX Auto Range: Automated Trend Strength and Consolidation Detection - similar indicator with strong performance on MetaTrader 5.
When the intraday range is significantly larger than the interday range, the indicator will show high values, suggesting a potential end or pause in the current trend.
Conversely, low indicator values indicate the potential beginning of a new trend.
The indicator features seven adjustable parameters:
- Period: The lookback period for calculations.
- Smoothing: The period used for smoothing the indicator's values.
- Method: The calculation method for the moving average.
- Level 1: A threshold value for analysis.
- Level 2: A threshold value for analysis.
- Level 3: A threshold value for analysis.
- Level 4: A threshold value for analysis.
Calculation:
RIND = MA(Range, Smoothing, Method)
Where:
MA represents a moving average applied to the range data using the specified smoothing period and calculation method.
If Max - Min > 0:
Range = 100.0 * (Value - Min) / (Max - Min)
Otherwise:
Range = 100.0 * (Value - Min)
If Close > PrevClose:
Value = TrueRange / (Close - PrevClose)
Otherwise:
Value = TrueRange
Max and Min are the highest and lowest values observed within the defined Period.
TrueRange is calculated as Maximum(High, PrevClose) - Minimum(Low, PrevClose).
Maximum and Minimum refer to the higher and lower values between the two specified points.
You may also like: Session Range Breakout: Asia, London, and New York High/Low Levels - 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.