A reliable graphical solution that allows you to create custom charts of range bars on the MetaTrader 4 trading platform.
You can apply all standard and custom indicators, as well as technical analysis directly to the range bar charts. You can also run Expert Advisors directly on these charts* (for more details, see the text below the parameters description).
To create a range bar chart, you need to attach the Range Bar indicator to a standard timeframe chart (a minute chart is recommended) and use the indicator settings to create a custom chart that will be displayed in an offline chart of your choice. All available settings are described below:
Determining the type of bar
- Candle size – the size of the candle (in pips for Forex pairs and in points for other pairs).
- Display on offline chart – display on offline chart (M2, M3, M4, M6, M7, M8, M9 or M10).
- Build history for number of days – build a history for the specified number of days.
- Reset Open on each trading day-reset the opening price every day.
- Re-calculate chart on history updates-recalculate the chart when the history is updated.
- Minimum chart update interval – the minimum chart update interval (in milliseconds).
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Calculating the bar size based on ATR
- Enabled – enable (true/false).
- Daily ATR period – the period of the daily ATR.
- Percentage of ATR to calculate candle size – percentage of ATR to calculate candle size (from maximum to minimum).
Alerts and information
- Sound signal on new bar – sound signal on the new bar (true/false).
- Only signal reverse bars-signal only on reversal bars (true/false).
- Use Alert Window to display signal – use the alert window to display the signal (true/false).
- Sound file to play on bullish bar – sound file to play on bullish bar.
- Sound file to play on bearish bar – sound file to play on bearish bar.
- Color of High threshold indicator – the color of the maximum threshold indicator.
- Color of Low threshold indicator – the color of the minimum threshold indicator.
- Color of an inactive threshold indicator – the color of the inactive threshold indicator.
* The Expert Advisor can be used directly on offline charts, however, a little configuration is required, so you need to have access to the source code of the Expert Advisor. Below is an example of an Expert Advisor template that can work directly on an offline chart: