TrendRange - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Trend indicator with three statuses:
The size of the histogram bar is defined as the candlestick size (in pips) times the volume, or if the gap is large, it is defined as the gap (in pips) times the volume. The criterion for comparison when coloring bars is the deviation of the histogram from its mean. The size used for comparison is the mean square error.
The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.
Figure 1 TrendRange indicator
Attachment download
📎 smoothalgorithms.mqh (134.03 KB)
📎 trendrange.mq5 (6.77 KB)
Source: MQL5 #1573
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