The logic is quite simple and based on the alternation of narrow and wide ranges. Draw the indicator in the following way:
- The histogram of the range of each candlestick (high – low).
- The line of average value of the range.
- The histogram of candlesticks body (abs(close – open)).
- The line of the average value of candlesticks body.
If there are several candlesticks in a row and both the range and the body size are less than their average value, so the next bar with the extended range is expected. Besides, if we have a series of candlesticks with the range and body size less than average and these candlesticks are located on the same price level, then a strong single directed movement is expected.
MT5 Indicator – Download Instructions
WideRangePredictor is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
WideRangePredictor 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 WideRangePredictor.mq5?
- Download WideRangePredictor.mq5
- Copy WideRangePredictor.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 WideRangePredictor.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator WideRangePredictor.mq5 is available on your Chart
How to remove WideRangePredictor.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: