There are trading systems out there that rely on knowing the range of a candle. It could be to set a stop loss, a profit target or if you need to see how a candle compares to previous candles to make a decision.
For example, let's say that you wanted to go short at the close below this resistance level. You also want to use the previous candle's range as your stop loss.
But the only way that you can measure a candle is to use a calculator or pull the crosshair to show the range. I'm sure that is something you are used to…I sure was.
…or you can look at the high and the low of the candle at the bottom of the screen and do the math.
Now, you might not need an exact measurement. However, I don't know about you but my head starts to hurt if I have to do that too often.
What if you have to measure 20 candles a night? That can add up to a lot of wasted brain power.
Doesn't Metatrader 4 have a built-in tool or something?
That is what I asked myself too. When I looked around, I couldn't find anything.
Nada.
So I decided to see if it could be created. Luckily, the MT4 programmer that I work with, could build it.
I got it built (very quickly) and here it is in action…
MT4 Candle Range Indicator in Action
All you have to do is install the custom indicator, then the candle range automatically appears in the upper left corner of the chart. Whenever you put your mouse over a candle, you can see the range at a glance.
Pretty handy right?
Before we move on, let's take a look at how you can customize this indicator. Just like the rest of the Trading Heroes tools, I believe in keeping things simple.
So there is only one thing that you can customize…the font color. Really, what else is there to change 🙂
A lot of indicators on the market are way to complex.
Benefits of Using this MT4 Indicator
The primary benefit is speed. Now you don't have to manually pull the measuring tool or whip out your calculator.
It is also more exact. You will always get the right measurement. This indicator also takes fractional pips into account. So if your broker uses them, you are covered.
You can also add this to your clean chart template, so you have it on every chart. I use it on shorter term charts, when knowing the exact pips matters more.
Conclusion
This indicator is useful for any trading method that requires you to measure the range of a previous candle. It is available in the AMPLIFY Trading Community.
Stay tuned for more plugins for MT4 Forex Tester 2 and more. As I think of new ideas, I will build them and make them available at a price that is a fraction of the programming cost, if you had to do it yourself.
Hope your trading is going well!
What other functions is Metatrader 4 missing? Let us know in the comments below…