Range of Candle Indicator for MT5 Download - Free - [TradingFinder]

The Range of Candle Indicator visually represents price fluctuations simply.This trading tool evaluates the difference between the high and low of the current and previous candles using colored histograms, and determines the volatility range across all markets, including Forex. 

The primary purpose of the Range of Candle Indicator is to display volume changes and price fluctuations based on candlestick data.

Range of Candle Indicator Specifications Table

The specifications of the Range of Candle Oscillator are presented in the table below.

Overview of the Candle Range Indicator

Histograms in the Range of Candle Indicator display market fluctuations and volume. These bars are plotted on the chart in different colors, which include:

• Yellow Histogram: Indicates an increase in the range between the high and low of the current candle compared to the previous candle.
• Pink Histogram: This represents a decrease in the current candle's range compared to the previous candle.
• Purple Histogram: Identifies an equal fluctuation range between the current and previous candle.

Uptrend Conditions

Analyzing the Polkadot (DOT) cryptocurrency chart in the 1-hour timeframe demonstrates the performance of thisindicator during an uptrend.

The sequential appearance of yellow histograms and green candles indicates an increase in price fluctuations and the strengthening of the upward price movement.

Downtrend Conditions

The AUD/USD currency pair chart in the 1-hour timeframe shows an increase in volatility in the downward direction, as evidenced by the formation of yellow histograms.

 Additionally, the appearance of pink histograms alongside green candles indicates a weakening bullish trend and a possible continuation of selling pressure in the market.

Conclusion

The Range of Candle Oscillator is designed to display the size of candle fluctuation ranges.

This volatile indicator analyzes the difference between a candle's highest and lowest price compared to the previous one to determine price fluctuations. If candle ranges consistently increase, a new trend may form.