Constant Range Detector – indicator MetaTrader 4

Note: This indicator is intended for use with Constant Range Charts: Range Bars or Renko Boxes, not standard candles – bars

1. Constant Range Candles and Charts are also referred to as Range Bars (RB) and Range Bar Charts.
2. Constant Range Candles / Bars all have the same pip range value from high to low.
3. Standard Candles / Bars all have different pip range values from high to low.
4. The indicator computes the pip range of the 8th historical candle / bar from the current candle / bar.
5. As each new candle / bar is formed the 8th historical candle becomes the next candle to the right.
6. Because all range candles / bars have the same pip range value each successive 8th candle produces the same fixed range output.
7. If the indicator is used with standard candles / bars the range output will not be fixed but will differ with each new candle / bar.

Constant Range (CR): CR 50

LCrudeAug12: 79.58 High – 79.08 Low (a random candle data chosen for illustration)

Note: Be aware that Data Window will return High – Low subtraction values of 150 for 15 pips, 200 for 20 pips etc, on 3 & 5 digit pricing.

Constant Range Chart: CR 10

WTI-Oil: 200 LWMA – Williams Aligator (click chart to enlarge)

Ask – Bid + Spread Indicator in above charts can be got

1. Free Constant Range Indicator – 1: Source . Note: Point based – 3 & 5 digit pricing will require range setting to include additional zero. i.e. 25 pip range requiring an indicator setting of 250. Automatic refreshes and generates range candles / bars on MT4 start. Note: When in installing indicator ensure file ovoranbar001.ex4 is in the /experts/libraries folder.
2. Free Constant Range Indicator – 2: Source. Note: Pip based. Will need manual refresh on MT4 start – set 1M feeder chart to 5M then back to 1M to start refresh when MT4 starts, after which range candles / bars will continue to be generated until MT4 closed.
   
3. Constant Range Bars – HERE – flawless performance. Note: license linked to external server.
   
4. Constant Range Information: Google – try “Range Bars”, “Constant Range Bars”, “Range Bar Trading”, etc.
   
   Tip: Create ready made constant range templates for ease and speed of use. Ask-Bid-Spread indicator can be used on constant range templates and generated range charts for ease of check that both charts are in sync and range chart updating.
   Base template CR-0-Blank.tpl for 1M chart provided (see download), will need Ask-Bid+Spread indicator.
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   Code Revision
   

    //for (int i = 0; i <= limit; i++
      int i;

    //for (int i = 0; i < Bars; i++){
         ObjectDelete("CRD");
         //ObjectDelete("name");