Candle Range MetaTrader indicator — is a very simple and lightweight indicator that displays the candle's range in pips on mouseover. In addition, to the High/Low range, it can optionally display the body size (Open/Close) for candles. Multiple display parameters are available to control how the indicator looks. This indicator is available for both MT4 and MT5 versions of the trading platform.

Input parameters

  • ShowBodySize (default = false) — if true, a candle's body size will also be shown.
  • HavePipettes (default = false) — if true, the indicator will assume that the currency pair's quote contains pipettes and will show the pip ranges accordingly.
  • font_color (default = clrLightGray) — the color of the candle range indicator.
  • font_size (default = 10) — the size of the candle range indicator.
  • font_face (default = "Verdana") — the font of the candle range indicator.
  • corner (default = CORNER_LEFT_UPPER) — the location for the candle range indicator on the chart.
  • distance_x (default = 3) — the horizontal distance from the corner to the indicator.
  • distance_y (default = 12) — the vertical distance from the corner to the indicator.
  • DrawTextAsBackground (default = false) — if true, the text label with the candle range value will be drawn as background. It can be useful if you want to prevent the indicator from obscuring the chart.
  • ObjectPrefix (default = "CR-") — the prefix for chart objects for compatibility with other indicators.

Example and usage

Candle Range Indicator Example MetaTrader Chart

The example shows the High - Low range and Close - Open body size in pips for the candlestick where the mouse pointer is currently hovering.

Using this indicator is very simple — you just move your mouse around the chart and have valuable information about the candle you are pointing at displayed for your convenience.

Obviously, this indicator cannot be used on its own to get trading signals, but candlestick length and candle body size can be a factor in technical analysis — be it Forex or some other financial market.

Downloads (ver. 1.00, 2022-07-18)

Candle Range for MetaTrader 4 (zipped)

Candle Range for MetaTrader 4

Candle Range for MetaTrader 5 (zipped)

Candle Range for MetaTrader 5

You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.

Discussion

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss Candle Range with the other traders and MQL programmers on the indicators forums.

Changelog

1.00 - 2022-07-18

  • First release of Candle Range indicator on EarnForex.com.

© 2005–2022

EarnForex.com

Design — Mart Studio

Forex trading bears intrinsic risks of loss. You must understand that Forex trading, while potentially profitable, can make you lose your money. Never trade with the money that you cannot afford to lose! Trading with leverage can wipe your account even faster.

CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a high level of risk thus may not be appropriate for all investors.