Constant Range Detector Indicator Overview
Note: This indicator is specifically designed for Constant Range Charts: Range Bars and Renko Boxes, not standard candlestick bars.
Let’s dive into what makes this tool essential for your trading toolkit!
- Constant Range Candles, also known as Range Bars (RB), provide a unique perspective by maintaining a consistent pip range from high to low.
- Unlike standard candles, which vary in their pip range values, Constant Range Bars keep this uniformity, making it easier to analyze and predict price action.
- This indicator calculates the pip range of the 8th historical candle from your current position. As new candles form, this historical candle shifts to the right, ensuring you always have a fixed range output.
- If you attempt to use this indicator with standard candles, you'll notice the range output fluctuates with each new bar, which can lead to confusion.
For example, let’s say you’re looking at a Constant Range (CR) setup, such as CR 50. Here’s a quick look:
LCrudeAug12: 79.58 High - 79.08 Low (example data for illustration)
Important: Make sure your Data Window reflects the correct High - Low subtraction values. For instance, you’ll see 150 for 15 pips, 200 for 20 pips, etc., depending on your pricing format (3 & 5 digit).
Now, let’s explore another example with the Constant Range Chart: CR 10:
WTI-Oil: 200 LWMA - Williams Alligator (click on the chart to enlarge)
Need the Ask - Bid + Spread Indicator? You can find it in the charts above. Here are a few resources to get you started:
- Free Constant Range Indicator - 1: Source. Note: This point-based version requires range settings to accommodate 3 & 5 digit pricing. For example, a 25 pip range needs an indicator setting of 250. Once installed, it will auto-refresh and generate range candles on MT4 start. Ensure the file ovoranbar001.ex4 is placed in the /experts/libraries folder.
- Free Constant Range Indicator - 2: Source. Note: This pip-based indicator will require a manual refresh upon MT4 startup. Simply set your 1M feeder chart to 5M, then back to 1M to initiate the refresh.
- Constant Range Bars: HERE - known for its flawless performance. Note: License linked to an external server.
- Constant Range Information: For more insights, Google terms like "Range Bars," "Constant Range Bars," or "Range Bar Trading".
Pro Tip: Consider creating pre-made constant range templates to speed up your workflow. The Ask-Bid-Spread indicator works well with these templates, ensuring your charts stay in sync. A base template CR-0-Blank.tpl for the 1M chart is included in the download; just make sure to have the Ask-Bid+Spread indicator ready to go!
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Code Revision
//for (int i = 0; i <= limit; i++
int i;
//for (int i = 0; i < Bars; i++){
ObjectDelete("CRD");
//ObjectDelete("name");
}