XS Forex Range MT4 is an indicator which displays values of Range 2022 as a histogram bars where color of the bar indicates the trend defined by positive and negative directional index. Indicator also display information about range boxes for predefined zones and most recent potential entry from those marked ranges. Conditions for the potential entry are based on detected range box and values of histogram in the chosen Range 2022 (Start Time – End Time).
Direction of the trade is defined by majority of red/green bars within the range and strength is calculated as a percent of directional bars above set minimum value. Entry is chosen as high or low price of the range box with chosen offset and all other parameters (Stop Loss, Take Profit) are calculated accordingly using chosen distances in pips. Range boxes are visible on the chart as rectangles - the user can set (in the settings of the indicator) colors for displayed boxes and visible text.
Detected boxes and potential entries are displayed only on H1 or lower timeframes.
Parameters:
Range Period – period of used Range 2022 indicator
Range Min.Value – minimum value of Range 2022 for bars included in strength calculation
Range Start Time and Range End Time (time in format HH:MM) – time range for checking potential trade by Range 2022 (set up direction and strength)
Range Color – color of rectangles displayed on the chart
Font Color –color of the text displayed on the chart
Entry Offset - entry distance in pips (calculated from high/low price of the range box) for potential trade
Take Profit 1 to 3 – take profit distances in pips for potential trade
Stop Loss – stop loss distance in pips for potential tradeInfo:
Each day the indicator generates new signals, namely, the buy above the range and the sell below the range level. It is recommended that you set a pending order with an expiration date and set the take profit between the 1st and 2nd level.
