MT4 - Range Bars Script

Discussion in 'Indicators and Charting' started by Piper, Sep 24, 2013.

  1. Piper

    Piper Guest

    Does anybody familiar with an MT4 rangebar indicator?Searched over the net,haven't really came up with something :(
     
  2. Ramy3

    Ramy3 May the pips be with you!

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    Re: Range Bars

    There are different versions available. Have not tried any yet. Been meaning to for a while…
    https://www.google.ca/#q=range+bars+mt4&spell=1

    Hope this helps.
     
  3. Piper

    Piper Guest

    Re: Range Bars

    Yea,google is my friend,thanks :)
    I checked almost all of those.either they don't work or the pros want ridiculous money for license of indis whats only working when their server is online.. :eek:
     
  4. Ramy3

    Ramy3 May the pips be with you!

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    Re: Range Bars

    Lol.

    Sorry for not being of more help. :)

    Maybe someone with more experience using these could help you out further. I just keep putting off trying them out.

    Pretty sure there are free working versions out there. MT4 becomes a bit fickle using old compiled .ex4 versions when they update the software… Just my experience so far. Or, sometimes we just missed a key element to make it work.
     
  5. jack

    jack Administrator Staff Member

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    Re: Range Bars

    I have a copy of renko and range bars that work as an EA and populate an offline chart.. I gotta dig them out of my archives at home.

    Will post back here when I do. :)
     
  6. jack

    jack Administrator Staff Member

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    Re: Range Bars

    Found the range bar one... attached.

    It's free, doesn't expire, not a trial, not for sale... etc... and it works well.

    --

    Place in your scripts folder.

    Open an M1 of the target pair. Drag and drop the script onto the M1 chart.

    In the variables tab, tell it how many pips for the range you desire. If you are using a 5 digit broker (pretty much all brokers these days) I found it works best setting the 5 digit broker scaling to false (instead of true) and just multiplying the pip range by 10. So for an 8 pip range bar, use 80 with the scaling setting to false. You might not have to do this, but for whatever reason my MT4 kinda stalls out using this script the regular way.

    Then set what period it will generate the chart for... (M2 by default. Leaving this is fine, it won't really be a M2 chart, it's just saved as an offline chart marked M2 so as not to conflict with the regular timeframes MT4 uses.)

    Once you click ok, the script goes to work building the chart. It should show 'started' in the upper left of your chart window. Keep this M1 window with the script 'started' message open and running, or else the offline chart (your new range chart) will no longer update as you use it.

    You can now open the offline chart by going to file > Open Offline. Select the M2 (or whichever period you set) of the target pair.

    --

    I hope you guys can understand the instructions.. I'm a bit tired.

    Oh, and I have no idea where I found this in the past, but when I pulled the hard coded copyright from the binary itself, it reads as MetaQuotes so.. *shrugs*.. it's pretty much fair game to share it here.

    Lastly--and obviously--since I didn't write this myself, it's a 'use at your own risk' kinda deal here. (I'm using it now and it appears ok, but just saying.)
     

    Attached Files:

  7. jack

    jack Administrator Staff Member

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    PS. I hope you don't mind, but I edited the title to include 'MT4'.

    Other platforms are getting more popular (cTrader for instance) so I'm just separating what each thread applies to.
     
  8. Piper

    Piper Guest

    Wohohooooo Finally one that works!Thanks Jack. It will be interesting to look at the charts with eliminating the time noise.
    Tnx again!
     
  9. Alpha-Bet

    Alpha-Bet Well-Known Member

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    Piper, keep the amount of bars to 2500 to avoid crashing MT4.
     
  10. Piper

    Piper Guest

    Tnx 4 the tip :)
     
  11. Piper

    Piper Guest

    BTW how can i reapply a script that's stopped? EG closed the terminal.. So i don't have to open the windows and re-apply the script again?Sorry for the noobish question,lol
     
  12. jack

    jack Administrator Staff Member

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    If you right click on the chart and there isn't a "remove script" option, then just reapply the script with the same settings as you first setup. That should get the offline chart to populate again just as before.

    If you do see a 'remove script option' select this first, then reapply as above.
     
  13. Piper

    Piper Guest

    Ahh, remove script is name of the game.Drove me nuts that i'm reapplying and nothing happens :) TY
     
  14. Piper

    Piper Guest

    Hey Alpha!
    From your response i'm understanding that you are using rangebars in your trading,and that you are also a pro.
    Am i correct?I'm started to use them lately(with very good success rate) but i still got a few questions about the possible applications of the rangebar concept.And since its not really working with mt4 history(except crashing the platform :D ), back testing is impossible.
     
  15. Alpha-Bet

    Alpha-Bet Well-Known Member

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    Hi Piper. Yes I trade for income. I use range bars as well as time based charts. Concepts are the same. Divergence and expansion.
     
  16. Piper

    Piper Guest

    Like the modesty :) yes i know that part. I'm doing something like that too.
    And since with applied rangebars,my sucess is much higher then with time based charts, I think i will be more focused on trying to develop my strategies for price and not time concepts.
    Anyways, I remembered in the later day the factor of five of Elder. Its basically breaking down the HTF to LTF. Since RB utilizing pure price-action and not time, I'm wondering(and started to test) if that same concept could be utilized to price,and determine market flow via higher range bars acting as HTF instead of time. Wonder if you tried, heard anyone who tried, and what do you think about the idea.

    Cheers,
    Piper
     
  17. Alpha-Bet

    Alpha-Bet Well-Known Member

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    Hey Piper, I don't use Elliott Wave theory. Actually, I've spent very little time in educating myself with it in general. Hopefully another trader with knowledge in this area can offer advice.
    Maybe start a thread and you may receive some assistance.... :)

    I did spend time playing with different pip value range bars and their relationships, as with differing time frame charts. I now spend very little time switching between differing time frames/pip ranges.
    I prefer not to overthink the Markets.

    Best of luck with this endeavor and your quest to tame the markets.

    Cheers,
    Alpha
     
  18. Ramy3

    Ramy3 May the pips be with you!

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    Hey Alpha,

    I am toying around with the range bars script and can’t seem to find myself a prefered setting. Wondering what you have yours set at.

    Mind sharing? :)
     
  19. Alpha-Bet

    Alpha-Bet Well-Known Member

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    Depends on time frame horizon of the individual trader.

    3 pip range bar approximates 1 min moves with majors.. ie: ED 1.37500/1.37530.

    % of ATR provides a guide to setting up pip ranges to meet objectives.

    I have 3 pip range bars setup.
     
  20. Ramy3

    Ramy3 May the pips be with you!

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    Thks. Like this guy is doing. Will dabble a bit with it.
    http://www.youtube.com/watch?v=_5LtSdIsH0o
     

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