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Forecasting Hourly Candle Ranges from Historical Averages

Article MQL5 code base
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Summary

This H1-only indicator compares the current hourly candle’s range, shown as a percentage, with a range estimate derived from historical averages. The display uses a histogram for the actual candle range and a line for the statistically calculated estimate. Users can configure the averaging period, the number of historical bars included, and the starting point for collecting those bars, along with visual settings for the display.

The historical starting offset is intended to let users exclude the most recent bars from the calculation. The description does not provide the averaging formula, an example of interpreting deviations between actual and estimated range, or guidance for turning the readings into trades. It also gives no validation or performance results. The indicator is therefore a descriptive range-comparison tool; its usefulness for forecasting or trading is not established by the page.

Key ideas

  • The indicator displays the actual H1 candle range as a percentage alongside an estimate based on historical averages.
  • A histogram represents the observed range, while a line represents the calculated estimate.
  • Users can set the averaging period, historical sample size, and starting bar for statistics collection.
  • The tool is specified for H1 charts, and the page gives no trading rules or performance evidence.

Tags

Technical indicatorsStatisticsVolatility

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.