OBTR On Balance True Range Indicator - MetaTrader 4 Script - MT4/MT5 Resources

Tom Bierovic came up with the concept of using ranges to overcome some of the limitations of the volume indicator.

I looked everywhere for the MT4 version but couldn't find one. Hence this indicator was born.

I enabled many options for it so that it can be customized to suit many strategies. As a confirmation tool it seems to work well

Other standard indicators. It is recommended to use it in conjunction with the MACD signal and the 9 EMA smoothing of the OBTR. Proximity

The parameters you will find in the settings are where you want the OBTR line to be

Display cross. If set to 11, it means that the range of 22 points will be grayed out. This can serve as a breaking point. Often set to a smaller value

Shows the end of a trend retracement. The maximum setting is designed to gray out areas where the difference between MA and OBTR exceeds

your settings. For example, 126 points. This can be the point of exhaustion for a breakout and the time to take profits.

As a very basic set of rules.

a) Gray: MA is close to OBTR: look for a breakout or trend continuation.

b) Gray: MA moves away from OBTR: profit or reverse trade.

c) Blue: Looking for excuses to go long.

d) Orange: Looking for reasons to go short.

Note: Slow MA is a three-color line, if the line is neither stone gray nor red but gray, if this happens on 2 bars, it seems to imply for example: the end of the uptrend

In a downward trend.

I hope this is a handy addition to your toolbox.

Attachment download

📎OBTR.mq4 (7.18 KB)

Source: MQL5 #10047