Range Ratio - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
It is based on the simple idea that through sharp one-way movements, the distance between the highest and lowest points of a selected period should tend to the sum of the bar ranges of that period. This indicator is the ratio of one value to a second value, that is:
RangeRatio = (Maximum High - Minimum Low) / Sum(High[i] - Low[i])
The indicator is designed for higher timeframes (H4 and higher) and is suitable for periods of 3-5 bars. Values greater than 0.7 indicate that the trend has no potential and therefore is either consolidating, rolling back, or reversing.
EURUSD H4 range ratio to period 3:
Attachment download
📎 rangeratio.mq5 (3.76 KB)
Source: MQL5 #1748
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