MT4 Candlestick Range Indicator Download - Free | Forex Indicator Download - MetaTrader 4 Resource

The Candle Range indicator uses colored bars to evaluate market volatility in Forex and other markets such as cryptocurrencies , commodities , and stocks . This trading tool calculates the market range by comparing the difference between the current high and low candles with the previous candles.

It then displays histograms representing increasing or decreasing market volume using these values .

Candle Range Indicator Specification Sheet

Below are the specifications and features of the Candle Range indicator.

Overview of candlestick indicator ranges

Histogram bars in the candle range oscillator represent market volatility and volume , plotted in different colors on the chart:

• Yellow Histogram: Indicates that the range of the current candle (from high to low) is greater than the previous candle
• Pink Histogram: Indicates that the range of the current candle is smaller than the previous candle
• Purple Histogram: Indicates that the range of the current candle is equal to the previous candle

Uptrend Conditions

Analyzing the Binance Coin (BNB) cryptocurrency chart in a 30 minute timeframe shows how this volatility Indicator functions in an uptrend .

According to the image, consecutive yellow histograms aligned with green candles indicate an upward trend of increasing volatility .

downtrend conditions

Based on the GBP/USD currency pair chart on a 15-minute timeframe , yellow histograms indicate increased volatility in a downtrend .

Conversely , the histogram alignment with green candles are shown in pink , indicating weakness in the upward trend.

Conclusion

Unlike trend following indicators, the candle range oscillator evaluates market volatility .

This indicator uses colored bars that show trend increasing or decreasing volatility and simply plots the asset's average price movement range.