Change Range Ratio - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The idea is that the stronger the trend movement, the greater the momentum, and the closer the momentum value is to the sum of the bar range. The indicator is therefore the ratio of momentum to the sum of ranges:

Change range ratio = (closing price [bar] - closing price [bar period]) / sum (highest price - lowest price)

This indicator is very similar to the range ratio , but it uses the difference between closing prices, which provides the following benefits:

This indicator is designed for short-term trading on high timeframes (H4 and higher) and is suitable for 3-5 bar periods. Values ​​greater than 0.5 indicate that the market is overbought, so you should close long positions and not open new ones. Values ​​less than -0.5 warn against opening short positions or, if new short positions are opened, they should be closed.

Attachment download

📎 changetorangeratio.mq5 (3.65 KB)

Source: MQL5 #1759