Tom Bierovic originated the concept of using the range to overcome some of the limitations of the volumes indicator.
I searched everywhere for an MT4 version and could not find. Therefore this indicator was born.
I have enabled it with many options so that it can be tailored to suit many strategies. It appears to work very well as a confirm tool with
other standard indicators. It is suggested to use it in conjunction with MACD signals and a 9 ema smooth of the OBTR. The proximity
parameter that you will find in the settings is how close to either side of the Slow ma in pips you want the OBTR line to come before a
cross is shown. If set to say 11, this will mean a range of 22 pips will be grayed out. This can serve as a breakout point. Set to a small value often
shows the end of a retrace in a trend. The maximum setting is designed to gray out those areas where the difference between the MA and OBTR exceeds
your setting. Example is say 126 pips. This may be a point of exhaustion for a breakout and a time to take profit.
As a very basic set of rules.
a) Gray: MA close to OBTR: Look for a breakout or trend continuation.
b) Gray: MA far from OBTR: Take profit or reverse trade.
c) Blue: Look for an excuse to go long.
d) Orange: Look for a reason to Short.
NOTE: The slow MA is a tri color line and if the line is neither Lime or Red but gray, if that happens over say 2 bars, this seems to intimate for eg: the end of an upswing
in a downtrend.
I hope that this is a handy addition to your toolbox.
MT4 Indicator Download – Instructions
OBTR On Balance True Range Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
OBTR On Balance True Range Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install OBTR On Balance True Range Indicator.mq4?
- Download OBTR On Balance True Range Indicator.mq4
- Copy OBTR On Balance True Range Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on OBTR On Balance True Range Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator OBTR On Balance True Range Indicator.mq4 is available on your Chart
How to remove OBTR On Balance True Range Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: