RI N D
Info
The RI N D is a Indicator for MetaTrader 5 that the range indicator compares daily range (high - low) to the range between days (close - prevclose). Where the intraday range is larger than the interday range, the indicator will have high values, which indicates the stop/end of the current trend; Where the indicator has low values, it means the potential start of a new 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 RI N D
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 compares daily range (High - Low) to the range between days (Close - 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: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
The range indicator compares daily range (High - Low) to the range between days (Close - PrevClose).
Also recommended: Multi-Timeframe Moving Average Indicator (v03) - similar indicator with strong performance on MetaTrader 5.
Where the intraday range is larger than the interday range, the indicator will have high values, which indicates the stop/end of the current trend;
Where the indicator has low values, it means the potential start of a new trend.
The indicator has seven configurable parameters:
Period
- calculation period;
Smoothing
- smoothing period;
Method
- calculation method;
Level 1
- values level 1;
Level 2
- values level 2;
Level 3
- values level 3;
Level 4
- values level 4;
Calculation:
RIND = MA(Range, Smoothing, Method)
where:
MA - moving average on the Range data with the Smoothing period and the Method 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, Min - the highest and the lowest Value within Period
TrueRange = Maximum(High, PrevClose) - Minimum(Low, PrevClose)
Maximum, Minimum - the highest and the lowest values of the two
You may also like: Multi-Timeframe Relative Strength Index (MTF RSI) Indicator for MT4/MT5 - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.