The indicator of relations between the two true ranges by Larry Williams. The formula for the calculation:
Range Rider=100 * MovingAvg (True Range , fast period) / (MovingAvg (True Range , slow period)
The indicator allows the user to see the period of reduction in the range of price change, which increases the likelihood of future enlargement of daily ranges.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.
The original indicator was developed in the MQL4 language and published in the CodeBase on 13.01.2013.
MT5 Indicator – Download Instructions
Range Rider is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Range Rider 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 Range Rider.mq5?
- Download Range Rider.mq5
- Copy Range Rider.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 Range Rider.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Range Rider.mq5 is available on your Chart
How to remove Range Rider.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: