Range of Candle Indicator for MT4 Download - Free - [TradingFinder]

The Range of Candle indicator evaluates the market volatility of Forex and other markets using colored bars. This MT4 oscillator calculates market range by comparing the difference between the current candle's high and low with the previous candle's.

It then displays histograms representing increasing or decreasing market volume using these values.

Specification Table of Candle Range Indicator

Below are the specifications and features of the Range of Candle indicator.

Range of Candle Indicator at a Glance

Histogram bars in the Candle Range Oscillator represent market volatility and volume, plotted in different colors on the chart:

• Yellow Histogram: Indicates that the current candle's Range (high to low) is greater than the previous candle
• Pink Histogram: Indicates that the current candle's Range is smaller than the previous candle
• Purple Histogram: Indicates that the current candle's Range equals the previous candle

Uptrend Conditions

Analyzing the Binance Coin (BNB) cryptocurrency chart in a 30 minute timeframe shows how this volatility Indicator functions in an uptrend.

According to the image, consecutive yellow histograms aligned with green candles indicate increased volatility in an upward trend.

Downtrend Conditions

Based on the GBP/USD currency pair chart on a 15-minute timeframe, yellow histograms indicate increased volatility in a downtrend.

Conversely, histograms aligned with green candles are shown in pink, indicating weakness in the upward trend.

Conclusion

Unlike trend following indicators, the Candle Range Oscillator evaluates market volatility.

This indicator uses colored bars to show increases or decreases in trend volatility and simply plots an asset's average price movement range.