Range Detector MT5

Range Detector is an indicator for MetaTrader 5 that looks for ranging, flat phases in the market and shows them on the price chart. It is meant to help you tell quiet, sideways conditions from directional movement, so you can adjust how you read the chart.

How it works

The indicator combines three common building blocks: the Average True Range (ATR), a fast moving average and a slow moving average. The gap between the two averages is measured in ATR units, which keeps the threshold relative to current volatility instead of a fixed number of points. When the gap is large enough, the move is treated as an impulse. Stretches of price action that do not show such impulses are what the tool presents as ranges, and it paints them on the chart in the colour you choose.

Because it is built on moving averages, the display reflects past price behaviour. Treat the shaded areas as context, not as a forecast.

Ways to use it

• Spot flat conditions so you can avoid trend-following setups while the market is moving sideways.
• Judge the likely direction of a new position by watching how price behaves when it leaves a marked range.
• Consider closing an opposite position when a range has formed and momentum appears to have faded.
• Combine it with your own support and resistance, volume or price action analysis.

Markets and timeframes

The indicator can be attached to any symbol and timeframe in your MT5 terminal, including forex pairs, metals, indices and others your broker provides. Because the ATR scales with volatility, it adapts to different instruments, but the ranges it draws will look different on a one-minute chart than on a daily one. Try several timeframes and compare them on history before relying on any of them.

Settings

The inputs are listed below. The vendor does not give recommended values here, so check the defaults after loading the indicator and adjust them step by step.

Tuning tips

• Change one input at a time and note how the ranges change.
• A larger Movings Difference makes it harder for a move to count as an impulse, which changes how much of the chart is shaded.
• Use a colour that stands out against your chart theme.

Risk

Installation

1. Extract the downloaded archive if it is compressed.
2. In MT5, choose File, then Open Data Folder.
3. Open MQL5, then Indicators, and copy the indicator file there.
4. Restart MT5 or refresh the Navigator panel.
5. Drag Range Detector from the Indicators list onto a chart and set the inputs.

If the indicator draws nothing, make sure the chart has enough loaded history and that the Maximum History Bars input is not set too low.