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Range Trading

The Range Trading indicator for MT4 detects the optimal price range suitable for trading. With this indicator, traders can easily identify range trading opportunities and take advantage of them.

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Description

The Range Trading indicator for MT4 is a Forex trading tool that highlights market ranges, where the price oscillates within a defined boundary, usually from a higher time frame perspective. This technical indicator is designed to help Forex traders identify the optimal zone to trade within a range.

Therefore, traders can use the indicator to find high-probability buying and selling trade setups, especially in a trending market. For instance, in an uptrend, traders can look for a potential buying opportunity after the price breaks below and return into the range.

Features of the Range Trading Indicator for MT4

The indicator identifies and displays upper and lower trading boundaries using historical price data from the D1 time frame by default. It highlights these zones with thick horizontal lines drawn across the chart, colored in blue and orange. These lines represent optimal trading zones, drawn from the D1 time frame.

Furthermore, the dotted blue and orange colored lines of the indicator represent the recent highs and lows of the price. These dotted lines also double as dynamic support and resistance zones.

Benefits of Trading with the Indicator

  • Enhance Range Trading: The indicator automatically detects upper and lower boundaries, which helps traders identify optimal zones to trade within a defined range. So, the indicator can be helpful to scalpers, day/intraday, and swing traders to find and execute trades when the price is within a range.
  • Enhances Decision Making: The indicator can help traders to make better trading decisions such as identifying trend continuation or reversal trading opportunities more efficiently.

Indicator Settings Description

The indicator comes with the following customizable settings:

Timeframe: Defines the time frame to identify the trading range.

Shift: Adjust the indicator’s position (forward or backward) on the price chart.

AjShift: Sets the dynamic adjustment of the range boundaries to different market conditions.

TimeFrames: Enables/Disables the indicator to work on multiple time frames.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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