Hey traders! Today, let's dive into the Candle Range Envelop Indicator for MetaTrader 5. This handy tool helps you analyze candle lengths, average lengths over a period, and displays two envelopes that create a channel for minimum and maximum values, all presented as a colorful histogram.
What’s great about this indicator is its customizability. It comes with eight adjustable parameters that you can tweak to fit your trading style:
- Range Period - This sets the period for averaging the range.
- Signal Period - The period for the central signal line.
- Deviation Period - This defines the period for calculating deviations to form the channel.
- Deviation Multiplier - Adjusts the width of the channel.
- Percent Top Envelope - Sets the upper envelope's deviation percentage.
- Percent Bottom Envelope - Sets the lower envelope's deviation percentage.
- Envelope Method - Choose how the envelope is calculated:
- Deviation - Uses standard deviation.
- Percentage - Based on the percentages set in the Percent Top Envelope and Percent Bottom Envelope.
- Price Method - This defines how the candle length is calculated:
- High/Low - Measures the full candle size including wicks.
- Open/Close - Focuses on the size of the candle body.
Now here’s a quick tip: In the histogram, columns that correspond to candles falling within the channel are shaded gray. If a candle exceeds the upper channel envelope, it’ll show up in green, while those falling below the lower envelope will be marked in red.
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