Ranging Market Detector - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
This is to build an indicator that highlights range market cycles by using standard objects with dynamic anchors. Detection is non-hysteretic and has two modes of operation - it can determine the range based on a point threshold, or it can determine the range dynamically using ATR and a multiplier. By default it uses ATR as it seems suitable for this purpose. The pseudo chart is created separately from the original chart, so the candles in the range also have a different color. The logic used to determine the scope is very simple. There are customizable inputs to define the ATR period and multiplier so you can define what the market range means to you personally. Sometimes a broad market means different things to different people. Long-term traders may prefer to ignore large amounts of market activity, while scalpers may prefer to acknowledge smaller ranges.
Attachment download
📎 ranging_market_detector.mq5 (8.48 KB)
Source: MQL5 #57684
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