Displaying Candle Range, Body Size, and True Range in MetaTrader
Summary
This MetaTrader indicator displays a candle's high-to-low range in pips when the cursor is placed over the candle. An optional setting adds the open-to-close body size, while another switches from the ordinary range to true range, which includes the gap component. A further option accommodates quotes that use fractional pip units. The indicator is described as available for both MT4 and MT5.
The remaining inputs control presentation, including label color, font, chart position, spacing, background drawing, and an object-name prefix for compatibility. This is a chart-reading aid for inspecting candle movement, not a signal generator or trading strategy. The document gives parameter descriptions and default values but no evidence about profitability, predictive value, or how traders should use the measurements in decision-making.
Key ideas
- The indicator shows a candle's high-to-low range in pips on mouseover.
- An option adds the candle body size based on its open and close.
- True-range mode includes price gaps in the range calculation.
- A setting adjusts pip reporting for quotes with pipettes.
- Display options control the label's appearance and placement.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.