If you're looking to enhance your trading strategy, the Toby Crabel NR Pattern Indicator for MetaTrader 5 is worth a closer look. This nifty tool not only helps identify Narrow Range (NR) patterns but also showcases Wide Range (WR) patterns for a comprehensive analysis.
Here’s a quick rundown of its six input parameters:
- NR Method - Choose your pattern type:
- 2NR
- 3NR
- 4NR
- 8NR
- Custom
- Sample (NR Custom) - Specify the number of samples if you select the Custom method.
- Period (NR Custom) - Set the calculation period if you opt for the Custom method.
- Show Wide Range Bar - Activate this to display Wide Range Bar patterns, marked with red labels at the bar's high.
- Show Narrow Range Bar - Enable this to see Narrow Range Bar patterns, indicated with green labels at the bar's low.
- Exclude Current Bar - Choose whether to exclude the current bar from the search (Yes/No).
Understanding the NR Patterns:
The 2NR represents the narrowest range from high to low over any two-day span, compared to the previous 20 days. The 3NR does the same for a three-day period, while the 4NR and 8NR extend this analysis to four and eight days, respectively, based on previous data. For those who want more customization, the Custom option allows you to define your own sample period for tailored insights.
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