Introduction to the Constant Range Detector Indicator
Table of Contents
Market volatility is one of the elements of technical trading which may provide traders some insight with regards to how the market is behaving and how it is about to move.
The Constant Range Detector Indicator is a volatility indicator which can be used in conjunction with other technical indicators to provide a meaningful indication of the market’s volatility.
What is the Constant Range Detector Indicator?
The Constant Range Detector Indicator or Custom Range Size Indicator is a custom technical indicator which displays the constant range of price.
This indicator displays a Constant Range (CR) value on the corner of the chart, next to its label “CR”. The figure that it displays is valued in pips.
How the Constant Range Detector Indicator Works?
The Constant Range Detector Indicator has a very simple algorithm which uses the price range of the last candle that has closed as a basis for the price range. It simply extrapolates the preceding candle and subtracts the low of price from the high of the candle. The resulting value is the price range of the previous candle with several decimal places. It then multiplies the value by 10,000 to convert the constant range value to pips. If the currency pair is a “JPY” pair, the indicator would multiple the difference by 100 to convert the value in pips.
How to use the Constant Range Detector Indicator for MT4
The Constant Range Detector Indicator has several options which can be modified under the Input tab within its settings.
“Text” allows users to modify the text label displayed beside the constant range size value.
“Font Color” allows users to select the color that they would want the label and the constant range size value to be displayed in.
“Font Size” allows users to modify the size of the text displayed.
“Font Bold” toggles the changing of the displayed to Bold fonts.
“Left Right” adjusts the distance of the displayed text from the corner of the chart on the x axis.
“Up Down” adjusts the distance of the displayed text from the corner of the chart on the y axis.
“Corner” allows users to select on which corner of the price chart the constant range size is displayed.
Constant Range Detector versus Average True Range
The Constant Range Detector can provide some useful information when compared with the Average True Range (ATR). It can tell us if the market is starting to contract if the Constant Range Detector value is consistently lower compared to the ATR. It can also indicate a momentum breakout or the start of a market contraction phase if the Constant Range Detector value has sudden increase and is significantly greater than the ATR.
Conclusion
At first glance, the Constant Range Detector Indicator may not seem like a very useful information for technical trading. However, when used in the proper context, this indicator can provide a valuable information for traders. Traders can use it in the context of observing market volatility, market expansions and contractions, as well as momentum breakouts. It is particularly useful when compared with other volatility indicators such as the Average True Range and volume.
MT4 Indicators – Download Instructions
Constant Range Detector Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Constant Range Detector Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
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How to install Constant Range Detector Indicator for MT4.mq4?
- Download Constant Range Detector Indicator for MT4.mq4
- Copy Constant Range Detector Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on Constant Range Detector Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Constant Range Detector Indicator for MT4.mq4 is available on your Chart
How to remove Constant Range Detector Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Constant Range Detector Indicator for MT4 (Free Download)
Click here below to download: