Candle Range

Candle Range MetaTrader indicator — is a very simple and lightweight indicator that displays the candle's range in pips on mouseover. In addition, to the High/Low range, it can optionally display the body size (Open/Close) for candles. Multiple display parameters are available to control how the indicator looks. This indicator is available for both MT4 and MT5 versions of the trading platform.

Input parameters

• ShowBodySize (default = false) — if true, a candle's body size will also be shown.
• HavePipettes (default = false) — if true, the indicator will assume that the currency pair's quote contains pipettes and will show the pip ranges accordingly.
• TrueRange (default = false) — if true, the indicator will calculate true range (including the gap part) instead of the normal range.
• font_color (default = clrLightGray) — the color of the candle range indicator.
• font_size (default = 10) — the size of the candle range indicator.
• font_face (default = "Verdana") — the font of the candle range indicator.
• corner (default = CORNER_LEFT_UPPER) — the location for the candle range indicator on the chart.
• distance_x (default = 3) — the horizontal distance from the corner to the indicator.
• distance_y (default = 12) — the vertical distance from the corner to the indicator.
• DrawTextAsBackground (default = false) — if true, the text label with the candle range value will be drawn as background. It can be useful if you want to prevent the indicator from obscuring the chart.
• ObjectPrefix (default = "CR-") — the prefix for chart objects for compatibility with other indicators.

Example and usage

The example shows the High - Low range and Close - Open body size in pips for the candlestick where the mouse pointer is currently hovering.

Using this indicator is very simple — you just move your mouse around the chart and have valuable information about the candle you are pointing at displayed for your convenience.

Obviously, this indicator cannot be used on its own to get trading signals, but candlestick length and candle body size can be a factor in technical analysis — be it Forex or some other financial market.