MaxRange
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This tool is designed to analyze price action by measuring the volatility and range of movement over a specific historical period. It identifies the extremes (highest highs and lowest lows) within a window of bars you define, then visualizes these movements in a dedicated histogram window.
Core Logic and Functionality
Range Measurement The script looks back at a user-defined number of bars (for example, the last 15 bars). For every point in time, it calculates two primary values:
- Maximum Upward Range: The distance between a high price point and the lowest low found within that lookback period.
- Minimum Downward Range: The distance between a low price point and the highest high found within that lookback period.
The tool automatically prioritizes which of these two values to display based on which one represents a larger absolute move, unless the user chooses to restrict the view to only "Maximums" or only "Minimums."
Visual Coding (Color Logic) The histogram uses a color-coded system to help you instantly distinguish between different levels of price intensity:
- Red Bars: These represent relatively small movements. If the calculated range stays below your designated "Green Limit," the bar appears in red. This signifies low volatility or consolidation.
- Light Green Bars: These appear when the movement exceeds the base limit but remains within a secondary buffer (the "Offset"). This represents a moderate increase in activity.
- Lime Green Bars: These are triggered when the price movement is significantly large, exceeding both the initial limit and the offset. This highlights high-volatility events or significant breakouts.
Key Customizations
The logic allows for high flexibility through several adjustable parameters:
- Lookback Window: You can define exactly how many bars back the tool should scan to find its range values.
- Sensitivity Limits: By adjusting the "Green Limit" and the "Offset," you can calibrate the colors to match the specific volatility of different assets (e.g., a Forex pair might require much smaller limits than a volatile Cryptocurrency).
- Data Filtering: You have the option to toggle the logic to show only upward maximums, only downward minimums, or a combination of both based on which move is more significant at that moment.
In summary, this script acts as a visual thermometer for market volatility, translating raw price data into a color-coded histogram that highlights whether the current range of movement is minor, moderate, or extreme relative to your personal settings.
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MaxRange
//+------------------------------------------------------------------+
//| MaxRange.mq4 |
//| jpkfox |
//| |
//| Gives the maximim and minimum values for given number of bars. |
//| You can set a limit value so that if the (absolute) value is |
//| below this limit then histogram bars are red, otherwise green. |
//| |
//| GreenLimit: Limit for green bars in histogram |
//| NumbOfBars: Number of bars starding from the current bar and |
//| including the current bar. |
//| OnlyMax: If true, then only maximimum value for the current |
//| bar is shown. |
//| OnlyMin: If true, then only minimum value for the current |
//| bar is shown. |
//| |
//| |
//| |
//+------------------------------------------------------------------+
#property copyright "jpkfox"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 FireBrick
#property indicator_color2 LightGreen
#property indicator_color3 LimeGreen
//---- indicator parameters
extern int GreenLimit=75; // limit for green bars in histogram
extern int DarkGreenLimitOffset=30; // Offsetlimit from GreenLimit for darkgreen bars in histogram
// If GreenLimit = 75 and DarkGreenLimitOffset = 20
// then DarkGreenLimit = 95. If <= 0 then not in use.
extern int NumbOfBars=15; // including the current bar PaleGreen LimeGreen
extern bool OnlyMax=false;
extern bool OnlyMin=false;
//---- indicator buffers
double RedBuffer[];
double GreenBuffer[];
double GreenBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- 2 additional buffers are used for counting.
IndicatorBuffers(3);
//---- drawing settings
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID,2);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,2);
SetIndexStyle(2,DRAW_HISTOGRAM,STYLE_SOLID,2);
IndicatorDigits(0);
// IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+2);
//---- 3 indicator buffers mapping
if(!SetIndexBuffer(0,RedBuffer) &&
!SetIndexBuffer(1,GreenBuffer) &&
!SetIndexBuffer(2,GreenBuffer2))
Print("cannot set indicator buffers!");
//---- name for DataWindow and indicator subwindow label
if(OnlyMax)
IndicatorShortName("MaxRange("+NumbOfBars+","+GreenLimit + ", OnlyMax)");
else if(OnlyMin)
IndicatorShortName("MaxRange("+NumbOfBars+","+GreenLimit + ", OnlyMin)");
else
IndicatorShortName("MaxRange("+NumbOfBars+","+GreenLimit + ")");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| The Range |
//+------------------------------------------------------------------+
int start()
{
int i, j;
int nLimit, nCountedBars;
double nMax, nMin, nVal;
double Multiply;
int nDarkGreenOffset;
if(NumbOfBars < 0)
{
Print("Error: NumbOfBars < 0");
NumbOfBars=15;
}
nCountedBars=IndicatorCounted();
//---- check for possible errors
if(nCountedBars<0)
return(-1);
//---- last counted bar will be recounted
if(nCountedBars>0)
nCountedBars--;
nLimit=Bars-nCountedBars;
Multiply=MathPow(10,MarketInfo(Symbol(),MODE_DIGITS));
if(DarkGreenLimitOffset>=0)
nDarkGreenOffset=DarkGreenLimitOffset;
else
nDarkGreenOffset=999999; // infinite
//---- main loop
for(i=0; i<nLimit; i++)
{
nMax=-999999.0;
nMin=999999.0;
RedBuffer[i]=0.0;
GreenBuffer[i]=0.0;
GreenBuffer2[i]=0.0;
for(j=i+1; j<i+NumbOfBars; j++)
{
// Max up range
nVal=High[i] - Low[j];
if(nVal > nMax)
nMax=nVal;
// Min down range
nVal=Low[i] - High[j];
if(nVal < nMin)
nMin=nVal;
}
if(OnlyMax
||(!OnlyMin && (MathAbs(nMax) > MathAbs(nMin)) && (nMax > 0.00) )
)
{
if(10000.0*nMax < GreenLimit)
RedBuffer[i]=Multiply*nMax;
else if(10000.0*nMax < (GreenLimit + nDarkGreenOffset))
GreenBuffer[i]=Multiply*nMax;
else
GreenBuffer2[i]=Multiply*nMax;
}
else
{
if(10000.0*nMin > -GreenLimit)
RedBuffer[i]=Multiply*nMin;
else if(10000.0*nMin > (-GreenLimit - nDarkGreenOffset))
GreenBuffer[i]=Multiply*nMin;
else
GreenBuffer2[i]=Multiply*nMin;
}
}
return(0);
}
//+------------------------------------------------------------------+
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