Realized Volatility Scanner - MetaTrader 4 Script | Trading Script Download - MT4/MT5 Resources

Volatility means opportunity. No price movement means no profit (and no loss).

The indicator displays horizontal bars representing candles with the selected index ( tracking the candle index ).

The size of a candle's body is shown in relative size relative to its average body ( average of candles ).

The actual size value is shown next to the bar graph.

CADCHF shows greater volatility in the chart above. A value of 221% means that the actual entity is more than 2 times larger than the CADCHF average entity for the actual time frame. In contrast, the actual size of GBPAUD is smaller. The real body size is only 5% of the average real body, which means the real volatility of the pair is very low.

In the indicator window you can accommodate (change) the following variables:

ReferenceBody... defines the length of the entity bar,

candle average,

Tracking Candle Index … Zero (0) means an actual candle, one (1) means the candle is one step older, and so on,

HorizontalStartPosition ... defines how far to the right the indicator will be placed.

You can place multiple indicator instances on one chart and get a wider picture of the price.

If you place other instances of the indicator for other candle indexes, the variable Level Start Position must be accommodated to avoid collisions.

Realized Volatility Tracking: Low volatility may indicate a contraction phase rather than greater volatility. On the contrary, if there is a very large candle in the front, it is less likely that a similar large candle will appear later.

Correlation: In the chart above, you can see the strong movement of all 3 US indices on one time frame, proving that there is a high degree of correlation between these indices. In contrast, the pair against the Euro shows very low volatility on the real timeframe, and the pair against the Swiss Franc shows strong moves.

Attachment download

📎 actual_volatility_scanner.mq4 (32.71 KB)

Source: MQL5 #30934