A MetaTrader Indicator for Candle Range, Body Size, and True Range
Summary
The Candle Range indicator displays a selected candle's high-to-low range in pips when the user points to it in MetaTrader. An optional setting adds the open-to-close body size, while another switches from the normal range to true range, which includes any gap component. A pipette option adjusts displayed units for currency pairs quoted with fractional pips. The indicator is available for MetaTrader 4 and MetaTrader 5.
The remaining inputs control the label's appearance and placement, including its color, font, chart corner, offsets, background drawing, and object prefix. The description explains a chart-reading aid rather than a trading signal or strategy. It presents no rules for acting on range values, empirical testing, or evidence that using the display improves trade decisions; interpretation is left to the trader.
Key ideas
- The indicator displays a candle's high-to-low range in pips on mouseover.
- An optional setting displays the open-to-close body size.
- True-range mode includes the gap component, unlike the normal candle range.
- A pipette setting adjusts units for currency pairs with fractional-pip quotes.
- Visual settings control label appearance and position, and the tool supports MT4 and MT5.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.