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Using Four Price Histograms Across Different Timeframes

Article MQL5 code base
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Summary

This document describes a price histogram indicator that displays four histograms when a chart click event occurs. The display distinguishes a one-day histogram and a short-term histogram, both intended for use with M5 data, from medium-term and long-term histograms intended for M30 data. Different colors identify each horizon, allowing the user to compare price distributions across timeframes in one view.

The notes also record two updates: a calculation-time input bug was fixed, and a bin-range scaling error was corrected in a later version. These details indicate that the plotted histograms depend on configurable range and period calculations, so earlier versions may produce incorrect output. The document gives no trading rules, performance evidence, or explanation of how to interpret histogram shapes. It presents the indicator as a development aid that was shared, so the usefulness of any trading inference would need separate validation.

Key ideas

  • The indicator displays four price histograms when a chart click event occurs.
  • The four displays cover one-day, short-term, medium-term, and long-term horizons.
  • The one-day and short-term histograms are intended for M5 data, while the longer horizons use M30 data.
  • A later version corrected a bin-range scaling error that affected histogram calculations.
  • The document provides no evidence that the indicator generates profitable signals.

Tags

Technical indicators

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