The idea of the indicator is a variation of iVLT. Algorithm for calculation is in the following:
- on each bar calculate the range for the set number of bars, i.e. the distance from the maximum high to the minimum low.
- if range calculated on the current bar is less than the minimum range calculated on the previous bars, it is a signal of the market compression.
MT5 Indicator – Download Instructions
Narrowest Range Signal is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Narrowest Range Signal 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 Narrowest Range Signal.mq5?
- Download Narrowest Range Signal.mq5
- Copy Narrowest Range Signal.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 Narrowest Range Signal.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Narrowest Range Signal.mq5 is available on your Chart
How to remove Narrowest Range Signal.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: