User Guide – Metatrader Range Trader Pro Indicator

User Guide – Metatrader Range Trader Pro Indicator

The following release notes are for the Metatrader MT4 Range Trader Pro Indicator.

Quick Start

Place the indicator onto the required chart. The indicator will analyze the price series according to the history bars setting. Use a lower value for faster computation and prevent processing of the entire chart.

Figure 1: Main window - selecting ranges
Figure 1: Main window - selecting ranges © forexop

On changing the period, or on starting Metatrader: If gaps appear in the lower output this means the indicator has loaded before all of the timeseries data has been processed. To refresh the chart, simply reload the indicator.

Input Settings

Input setting Comment
Split each range cell by this number Each grid line represents this many standard deviations
Ignore ranges below this many bars A range must be at least this many bars
Range elasticity Low elasticity=smaller ranges, high elasticity=bigger ranges
Channel color Color setting
Selected channel color Color setting
Show range transition line Output the transition flag onto the chart’s lower window
Show range standard deviation line Output the SD line to the chart’s lower window
Maximum history bars (0 for entire history) Set how many history bars to process (reduce to increase speed)
Display text on chart? Show the information box on the chart
Send terminal alerts? Alert on any range crossing events
Send email alerts? Send an email on range crossing events (through Metatrader terminal)
Send mobile push notifications? Send text alert on range crossing events (through Metatrader terminal)
Min. interval between alerts (seconds) Alert no more than this many seconds (prevents rapid alerts)

Alerts

Alerts are switched off by default. If alerts are switched on, the indicator will create an alert whenever the price crosses one of the range lines. The range lines can be set closer or wider apart by using the “split range” setting.

Use the alert interval setting to control how often alerts are created. This is used to prevent the terminal being sent high numbers of messages. The default is 10 seconds.

You can select any lines within the range using shift+mouse click. In this case the indicator will only alert when the prices crosses one of the selected lines. Other crossing events are ignored. Use this to look at particular support and resistance areas.

Indicator Outputs

The indicator creates numerical values that relate to the active range. These are displayed in the lower window and the data window. The numerical outputs can be accessed by other Metatrader programs.

Figure 2: Data window - output signals
Figure 2: Data window - output signals © forexop

Open Metatrader’s data window (CTRL+D) to show the signal values. You can hover with the mouse cursor over any point to display the value in the data window.

The table below lists the output signals.

Signal/Mode Name Description
0 Range position The position of the price within the range (in standard deviations)
1 Range slope The slope (gradient) of the active range
2 Channel events Value=+2 ⇒ The price has crossed upwards through a support
Value=+1 ⇒ The price has rebounded downwards from a resistance
Value=-1 ⇒ The price has rebounded upwards from a support
Value=-2 ⇒ The price has crossed downwards through a resistance
3 Range mean-normalized SD The relative standard deviation of the range, normalized over the chart.
4 Range transition A toggle (+1/-1) set whenever the price moves out of the existing range.

The chart subwindow displays the above signals. Note that the indicator settings allow some of the output signals to be hidden.

Figure 3: Range lower window
Figure 3: Range lower window © forexop

Active Ranges

The indicator examines the price continually and forms a “potential range” on new price bars. A break from one range to the next happens when the price no longer fits within the old range. The new range then becomes the active one. Use the range transition line to determine where the price breaks out of an existing range and into the new. The above values relate to the activate range.

Further Resources

Video: https://www.youtube.com/watch?v=B7bBurdpuEU
http://forexop.com/strategy/linear-regression-ranges/
http://forexop.com/learning/range-trading-basics/

Return to the range trading product page.