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Range Bars - a new look at the market

Range Bars for Metatrader 4 download

We have all faced with the fact that sometimes the price range for a long time in some small range, creating "noise" on the charts and distorting's indicators.In order to remove such a noise and a new type of graphs were created - Range Bars .Invented range bars for use in their own trade in 1995, a Brazilian trader Vincent M. Nicolelis.Below we take a look at the script to install Range Bars in Metatrader 4 and consider the advantages of this type of scheduling.

Range Bars Charts in Metatrader 4

Today, we are with you Let us examine a new kind of graphs.To say that they are very very new, it would be wrong.But because they are not standard for Metatrader 4, the majority of people are unaware of their existence.In this article we will look at these graphics and add to our trading platform so that you can work with them.

What kind of graphics that are not in Metatrader 4?

These graphs are called RangeBars.In 1995, a Brazilian trader Nicole Alice Junior, the author of these charts has de

veloped them for the reason that he did not like that on conventional charts present time element:


That is, each of our candle - a certain period of time,and we can see how the price moved in the meantime.

Let us assume that we have opened a graph M15:


This means that each candle - it is 15 minutes of time that has passed.We see how the price moved, as it opened at the beginning of this 15 minute period.But graphs are known to be the periods when the price of a stand still.The graph shows periodically that any significant movement is not, as in the photo below:


Within 40 candles, nothing happened.The price for 10 hours stand still and do not move.

But the nature of the indicators is that they follow the price could be a buy signal.But if it was a sell signal, it could spoil our little trade.Perhaps we would have a loss, and all because of the flat when the signals fuzzy.Price provokes LEDs to give is not quite the right signals.The thing is that the candles appear in a certain period of time, rather than when the price went some considerable period of contact or established in points.

Range Bars are different in that they have no time.Here, each candle is price movement, rather than a certain period of time.That is until the price will not move, not a new bar is drawn.In the photo I opened Range Bar with an interval of 13 points:


And install the same indicator on a regular schedule.What will we see?See for yourself:




I think you have noticed how different CCI indicators on charts.In a typical chart display shows tossing a line that does not know where to go:


And Range Bar is a more even and smooth line:


It takes place only when the price is set.Instead of a vibrating conveyor on the market, as it does with a regular schedule.

It is the same with the other indicators.Each of these readings will be different, because no RangeBar versus time.A new candle is drawn only when the price will take a predetermined number of points.

Let's look at how to set this schedule in your Metatrader 4. Open the file that you can download at the end of the article.Copy files and display the library in the terminal by following the standard instructions.

After that, open the trading terminal.In order to set a timetable Range Bar we need the currency pair, with which you will work.For example, it would be GBPUSD:


appears graphics window:


Set it RangeBarChart indicator:


In the dialog settings, you can adjust the schedule according to your wishes:


first setting PipRange - is the number of points that we want to see in rangeBar.Prior to that, we have opened a graph, where each RangeBar was 13 points.You can, for example, use a 10-point:


Next is TimeFrame .

If you want to work with only one schedule for your currency pair, the timeframe is not important.Time does not participate in the construction schedule RangeBar.This setting is created in order to be able to open multiple schedules for the same currency pair, but with different settings of the same PipRange.

For example, if you want to open two graphs pair EURUSD, to one of them PipRange settings have been 10 points, and the other 15 points.Therefore, for the opening of a chart, you can set a value of 2, and 3 for the other:


This setting is mostly needed in order to be able to distinguish them in the system.Timeframe set in minutes.In this case, we need 2 minutes.This is required for our metatrader.The charts themselves, I remind you, is not used.Therefore, if you use only one chart, the change in the field do not need anything.

Next is RefreshWindowOnAskPriceChange .

This field means the price will be updated based on the ask, if you set true, or on the basis of the bid.After completing the settings press OK:


Above there is information about the values ​​that we asked earlier:


Next, click "File" - "Open autonomously»:


find the GBP / USDM2 time frame:


clicking on it twice with the mouse and open the schedule:


Initially he displayed in bars.Just as with the regular schedule change at the candles:


All functions that are available to the regular schedule, are also available for RangeBars schedules.

In the graph we can see that each candle is 10 points:


Due to the schedule, you can immediately see a clear trend downwards.Although the usual graph it would look like this:


In contrast to the simple graphics on RangeBars it can be much easier to identify the trend.I remind you that these charts can set various indicators, including custom.

In general, it's a different view of the market.It is not the holy grail, which always gives the perfect picture.But for many of these graphics can be much more convenient than the standard in Metatrader 4.

That's all.Until we meet again!

Settings indicator for the construction of Range Bars:

PipRange - the size of each candle in paragraphs

OfflineTimeFrame - timeframe for building a Range Bar graph.Becausetime range bars are not used, this setting is only needed in order to be able to open multiple charts Range Bars for one currency pair (see the installation process. in the video).

RefreshChartOnAskPriceChange - if this setting is enabled (true) price on the chart will be updated when changing the Ask price, the default price varies with the Bid price.

RenderUsing1MhistoryBars - number of minute bars, which will be used when creating the Range Bar graph.If set to 0, will use all available minute bars.

UseSoundSignalOnNewBar - on / off sound when a new bar / candlestick.

DisableComment - On / Off comment in the top right corner of the chart with the established indicator Range Bar.

Note: Note that when you create a chart Range Bars, script emulates the movement of the price of the minute charts and graph construction of ticks in real time.Therefore, the most proper schedule Range Bars are available only by running it or turning off to new bars were formed from ticks in real time.

Download Range Bars for Metatrader 4

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Important!Nuances of the installation in new builds Metatrader 4

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