In order to explain how to use the indicator the summary by Larry Williams book “Long-term secrets of short-term trading” was made.
“Range is all distance traveled by active per a day, a week, a month, a year, also a second can be. Think of the range as the distance traveled by a price in any researched period.
After small ranges follow big ranges, after big ranges follow small ranges. It is like a clockwork mechanism and the main key to a profitable short-term trade.
No need any fortuneteller to blow the existing facts or far fetch them. It is what it is, it always was and it always will be, we are continually receiving signal of profitable bars which are distinguished on a large range thanks to the earlier warnings from small ranges.
An absolute truism in relation to days with big range: days of up directed big ranges are usually opened close to the minimum and are closed close to the maximum. Days of low directed big ranges are opened close to the high price value and are closed close to the low price value.
It means that in your trade you should take into account two things. The first is if we go “up” in the day as we think a big range will be, don’t search for the buy point lower than open price. Days of the big up directed ranges trade rarely and lower than day open price. It means that you shouldn’t search for the possibility to buy essentially lower than open price.
The same is if you think that you caught a tiger by the tail, exactly such a possibility gives a day with a larger range while price falls essentially lower than open price and the possibility of a big movement up is greatly reduced.
It is a very important moment of comprehension the secrets of a profitable short-term trade. Don’t drop it.
- Don’t try to buy at high falling prices lower than open price.
- If a position is long (a Long) and price falls essentially lower than open price, then exit the market.
- Don’t try to sell at big jumps higher than open price.
- If a position is short (a Short) and prices go essentially higher than open price, then exit the market.
Sometimes you will see the days with a large range, walking on either side of open price, but this is the exception and not the rule.
Don’t try to argue with these rules, they reflect the laws of gravity.”
This indicator was first implemented in MQL4 and published in CodeBase in mql4.com on 26.04.2010.
MT5 Indicator – Download Instructions
Momemtum In Time is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Momemtum In Time provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Momemtum In Time.mq5?
- Download Momemtum In Time.mq5
- Copy Momemtum In Time.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Momemtum In Time.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Momemtum In Time.mq5 is available on your Chart
How to remove Momemtum In Time.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: