Tom Bierovic originated the concept of using the range to overcome some of the limitations of the volumes indicator.
I searched everywhere for an MT4 version and could not find. Therefore this indicator was born.
I have enabled it with many options so that it can be tailored to suit many strategies. It appears to work very well as a confirm tool with
other standard indicators. It is suggested to use it in conjunction with MACD signals and a 9 ema smooth of the OBTR. The proximity
parameter that you will find in the settings is how close to either side of the Slow ma in pips you want the OBTR line to come before a
cross is shown. If set to say 11, this will mean a range of 22 pips will be grayed out. This can serve as a breakout point. Set to a small value often
shows the end of a retrace in a trend. The maximum setting is designed to gray out those areas where the difference between the MA and OBTR exceeds
your setting. Example is say 126 pips. This may be a point of exhaustion for a breakout and a time to take profit.
As a very basic set of rules.
a) Gray: MA close to OBTR: Look for a breakout or trend continuation.
b) Gray: MA far from OBTR: Take profit or reverse trade.
c) Blue: Look for an excuse to go long.
d) Orange: Look for a reason to Short.
NOTE: The slow MA is a tri color line and if the line is neither Lime or Red but gray, if that happens over say 2 bars, this seems to intimate for eg: the end of an upswing
in a downtrend.
I hope that this is a handy addition to your toolbox.
HOW TO INSTALL METATRADER INDICATORS ON MT4
Installing indicators on MT4 comes down to:
- Downloading the files (.ex4 and .mq4 formats) – Right click the download button and Save link as…
- Placing them in the MT4 “Indicators” Data Folder
- Closing and re-starting your MT4 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT4 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files).
Go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:
Placing them in the MT4 “Indicators” Data Folder.
Go to the “MQL4” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
For a video on how to install you MT4 indicators please visit our Youtube channel.
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