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Range Bars for MT4 v1.3 2010 KARDAMON (FC) page 1/6

RangeBars for MT4 (v1.3)

Warning: It is machine-translated text from Russian to English

Warning:Using this tool requires that the user has basic knowledge of the trading platformMetaTrader4 and the markets in general.

Ranged-bars (RangeBars) are not built on time and on the course price. Suppose weset a parameter Ranged 20 - this means that each new candle will be formed (closed)during the passage of the prices up or down by 20 points. Hence some conclusionsabout the graph:

1. The timeline will be irregular;2. Candles will ALWAYS be the same size Range = (High - Low);3. Never will the candles with two shadows simultaneously, ie Close will always equal or

High or Low.4. It is possible to predict the approximate level of closure of the candles.

Required explanation of Range Bars nature.


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Note: The some sources Ranged-bars are sometimes called tick candles (tick bars, tickcandles). The fact that the futures market and runoff tics are also called minimal changein price in the Forex market is a "pip" (pip). Keep this in mind when you encounter asentence like "recommended stop-loss set at a distance of 1-2 tick.

Properties

This Range-Bars converter constructed on the basis of historical data on the standardtimeframe (preferably choose minute as the most "small"), and then, in the process - on

real-time tick data. To correctl display the past data need a story quotes a sufficientdepth.

The program of Ranged-bars in terms of terminal MetaTrader is a common indicator,but its use is fundamentally different from conventional indicators. The graph, which isimposed "indicator" is not displayed any conventional lines. We work with anotherwindow, another chart.

Installation

1. Find a directory (folder) where you have installed MetaTrader. Surely it would besomething like C:\Program Files\MetaTrader4

2. Put the file Range-Bars.ex4 in indicator folder of MetaTrader -experts\indicators

Tuning

1. Open 1-min chart. Templates, appearance of this chart are not important.2. Put on indicator Range-Bars (from users section).3. Set parameters in Properties:

Check the option in the General tab - allow the import DLLTab Input parameters: Range - the range size. Pay attention to the presicion ot quotes. Keep in mind, if therange size equal as the standard timeframe (M5, M15, M30) - a historical data of thistimeframe will be erased. It is desirable to avoid conflict and do not have a terminalopen window of this timeframes.


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already been possible to impose patterns, indicators, etc. In the future this chart calledRange-chart.6. IMPORTANT! One-minute chart (see paragraph 1) should not be closed! Thiswindow can be hidden, push back, etc.7. IMPORTANT! A further analysis, the imposition of standard templates, indicators, etc.- is on the new chart (see 5) GBPUSD, M23, where you have Range-chart.

How it looks - see Annex1 at the end of the document.

Additionally

To monitor the formation of bars can apply additional indicator Range-Display - it showsthe number of points remaining before the final close of the bars, as well as the possiblevalues of High and Low of the current candle.

To operate the system Woodie's CCI at Range-chart proposed additional indicator with

numeric panel with special tools predict RangeBars. (See http://www.kardamonfc.comor http://kardamonfc.blogspot.com). Similarly - it is put on range-chart. Delivery - for aseparate price.

Working with several financial instruments

If you want to analyze a number of financial instruments - that the above installation

procedure needs to be done with each. That is, for each tool you want to open yourminute chart, impose a converter Range-Bars, customize your settings, open yourRange-chart, and impose on Range-chart your favorite patterns and indicators. Anexample of the desktop with the work given in Annex2 at the end of the document.

Recommendation: Set up different sounds for different instruments for easy navigation.

Work on one financial instrument with a different Range-size.

In the case when you need to build several Range-charts on one instrument, to beimposed on the original one-minute chart converter Range-Bars. In addition, eachinstance is configured on necessary Range-size, and opens a few of the resulting


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If you have imposed on one-minute schedule of two or more copies of the converter - itis possible that the resulting schedule will stand. What happens if copies of theconverter are the same range size parameter, for example, after reinitialization, or anew overlay. It is necessary to put the different sizes of Range.

Limitations

When you exit MT4, and switch on after a long break, or after long disconnect thepossible inefficiency of the range-chart, or the loss of a few bars of history. Then you

need to reconfigure the Range-Bars indicator on one-minute chart. Use Property tab ofthe indicator to make any changes - safer just to change the number of bars (100-120-150-200). At present, this deficiency seems to be defeated, but the inclusion may besomewhat unpleasant sound effect - several consecutive "ringtones".

When the fatal error message is issued in the window alerts, but the indicator continuesto be imposed on the schedule.

There is no possibility of testing experts / advisors in history - a non-standard timeframeis not selected in the tester. Testing is only possible if the amount of Ranged coincideswith the standard timeframe - 5, 15, 30.

Version History

15.02.10 - v.1.1.

Introduced additional parameters - the time frame beginning schedule.

25.02.10 - v.1.11Corrections. Timetable regarding the gap with the rapid change of course (prices).

05.03.2010 - v.1.2Another attempt to fix the problem the wrong form of candles with prolonged rupture of

communication or simple.The parameter "time of the report of the beginning" is replaced by the minimum numberof bars in history.

13.04.2010 - v1.3I hope that the problem of forming candles when disconnected or easily solved


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2010 KARDAMON (FC) http://www.kardamonfc.com

Appendix 1Appearance

1. Source one-minute chart.2. Range-chart in pure form.3. Range-chart with placed templates and additional indicators.


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2010 KARDAMON (FC) http://www.kardamonfc.com

Appendix2Terminal view with multiple financial instruments - Range-23 and Range-15 on GBPUSD, Ranged-18 on USDCAD, and ordinary H4 onGBPUSD.

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