Range Bar Indicator just measures the pip movement, creates a bar based on a set number of pips. Basically the indicator remove the time element and will form a new bar after a specific range has been covered (default setting is 10 pips, but you can modify this parameter) low to high or high to low. Therefore all bars have the same size, having high/low range equal to the range specified.
The idea behind this charting techniques is the same as Point and Figure charting. The formula is same, just Point and Figure will draw X and O rather than bars. Also, with Range Bar charting you can apply other indicators on the chart.
- File: RangeBarIndicator.mq4
- Size: 16 Kb