Wide Range Predictor
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Wide Range Predictor
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
The logic is quite simple and based on the alternation of narrow and wide ranges. Draw the indicator in the following way:
The histogram of the range of each candlestick (high - low).
The line of average value of the range.
The histogram of candlesticks body (abs(close - open)).
The line of the average value of candlesticks body.
If there are several candlesticks in a row and both the range and the body size are less than their average value, so the next bar with the extended range is expected. Besides, if we have a series of candlesticks with the range and body size less than average and these candlesticks are located on the same price level, then a strong single directed movement is expected.
Recommendations:
It is recommended to use the indicator on a period not lower than H4. Usually 3-5 "small" candlesticks are enough.
As a variant of the system, after series of the bars with a small range (the first histogram is blue) and a small body (the second histogram is lettuce green), set stop orders above and under high and low values of the last series bar. If the order is triggered, close the position on the candlestick closing.
