Range Bar and How To Setup in MT4
{ Posted on 8/29/2011 03:52:00 PM
by De_Trainer
}
Calculating Range Bars
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Range bars take only price into consideration; therefore, each bar represents a specified movement of price. Traders and investors may be familiar with viewing bar charts based on time; for instance, a 30-minute chart where one bar shows the price activity for each 30-minute time period. Time-based charts, such as the 30-minute chart in this example, will always print the same number of bars during each trading session, regardless of volatility, volume or any other factor. Range Bars, on the other hand, can have any number of bars printing during a trading session: during times of higher volatility, more bars will print; conversely, during periods of lower volatility, fewer bars will print. The number of range bars created during a trading session will also depend on the instrument being charted and the specified price movement of the range bar.
Three rules of range bars:
• Each range bar must have a high/low range that equals the specified range.
• Each range bar must open outside the high/low range of the previous bar.
• Each range bar must close at either its high or its low.
Here's the pic about range bar in action...
How to setup this in MT4 (almost same like renko bar setup) :
The funny things it also same like renko bar, it will change every indicator action. You can doing some experiment with your forex system maybe it will increase probability winning and have good performance in future but don't expect holy grail result, you won't find it.
1. Download the script : DOWNLOAD HERE
2. Put script .ex4 in your script MT4 folder installation\experts\scripts
3. Restart and run your MT4 terminal, i used pair EURUSD as sample
4. Select View > Navigator and find folder scripts then double click script, it will look like this...
5. Let the option default you can customize later, push OK
6. Few second later alert will showed...
7. Select File > Open Offline, click EURUSD M2 and it will show like this...
* It not just M2 you can change in M3 or M4 in indicator option 'timeframe' function. Also you can change your range pips every bar.
Congratulation your chart now have range bar function. Have fun with your forex system experiment, good luck guys.
p.s Someone said its paid indicator, but hell damn thing i could find that free in 4sh*red.com
I'm a Part Time Trader, if i have much free time i will trade, of course the Live Trading. "Method is not how much you can got Pips but how it can fit with your way to trade and keep survive" My Proverb | 
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