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Range Indicator

The Range indicator for MT5 detects the rise and fall of market volatility. The indicator is easy to use and is a great tool for any trader looking to gain an edge in the Forex markets. Download for free! Try now!

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Description

The Range indicator for MT5 is a volatility-based indicator that measures the range of price movement of instruments in the Forex market. In other words, it detects periods of high and low volatility in the market. The indicator can be used as a confluence with other volatility-based indicators to determine the changes in market volatility of financial instruments.

The indicator suits different trading styles like scalping, day/intraday, and swing trading. Hence, it is a handy tool designed to help traders identify the underlying volatility in the market and make informed trading decisions. It is commonly used to determine when to open, close, or hold running positions for potentially bigger profits. For instance, traders might consider holding running positions if the indicator continually prints the blue histogram bars.

Features of the Range Indicator for MT5

The Range indicator is a beginner-friendly tool suitable for novice and experienced traders. It detects the range of price movement by subtracting the lowest price from the highest price within a trading period. Thus, the range of price movement is displayed as histogram bars across multiple timeframes of the chart.

The green bars of the histogram suggest the rise in the market volatility of an instrument, while the chocolate-colored bars suggest the instrument is losing volatility in the market.

Benefits of Using the Indicator

  • Volatility Assessment: The indicator primarily helps to gauge the market volatility, helping traders to make more informed decisions.
  • Identifying Breakouts: The indicator can also help traders identify zones for potential breakout trading opportunities. For example, if the indicator displays large blue histogram bars when the price is at a support or resistance level, it indicates high volatility, suggesting a potential breakout.

Indicator Settings Description

The Range indicator for MT5 doesn’t come with customizable settings. However, traders can change the color of the histogram bars based on their preferences.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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