WideRangePredictor - MetaTrader 5 Script - MT4/MT5 Resource
The logic is very simple, based on alternating narrow and wide ranges. Plot the indicator as follows:
If there are multiple candlesticks in a row and both the range and body size are smaller than their average, the next candlestick with an extended range is expected. Furthermore, if we have a series of candles with a smaller than average range and body size, and these candles are located at the same price level, then a strong single directional movement is expected.
suggestion:
Attachment download
📎 widerangepredictor.mq5 (5.01 KB)
Source: MQL5 #1125
WideRangePredictor - MetaTrader 5 script usage and filtering suggestions
WideRangePredictor - MetaTrader 5 script is a resource related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Focus on spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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