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RangoFX Indicator MetaTrader 4 indicator

RangoFX Indicator MetaTrader 4 indicator

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RangoFX Indicator MetaTrader 4 indicator
The idea of RangoFX, which is based on the code of PowerbarsFX_Spread, but with significant differences in the algorithm it implements. The “timeframes” of PowerbarsFX have been completely removed and replaced with “price ranges“, hence RangoFX doesn’t have to deal with multiple timeframes at the same time which inherently brings the problem of “repainting”. If […]

The idea of RangoFX, which is based on the code of PowerbarsFX_Spread, but with significant differences in the algorithm it implements.

The “timeframes” of PowerbarsFX have been completely removed and replaced with “price ranges“, hence RangoFX doesn’t have to deal with multiple timeframes at the same time which inherently brings the problem of “repainting”.

If you apply PowerbarsFX to a chart it does NOT repaint for as long as the platform is kept opened. But once you restart MT4 the indicator inevitably changes the displayed data. Unfortunately, we cannot do much about that because it is caused by an intrinsic limitation of the trading platform. I’ll try to explain why that happens with a simple example. Imagine an indicator applied to a M15 chart which deals with data coming from the timeframes M15 and H4 at the same time. When the time is 08:30:00 a new M15 candle is opened and the indicator generates a value which is based on 2 pieces of data:

1. the M15 candle that opened at 08:15:00 and closed at 08:29:59
2. the H4 candle that opened at 08:00:00 and was still forming itself at 08:29:59
The first piece of data can be provided by MT4 in case the platform is restarted, however, the second piece of data CANNOT, because once you restart the platform the only information available are OHLC (Open-High-Low-Close) data of each candle. There is no way of getting the value of an indicator associated to that H4 candle when the time was exactly 08:29:59. Once restarted the indicator will repaint itself and provide a value which is based on:

1. the value of the M15 candle that opened at 08:15:00
2. the value of the whole H4 candle that opened at 08:00:00
As you can understand the indicator is now “looking into the future” because the Close of the H4 candle (which happened at 11:59:59) is now taken into account. This is the classic problem affecting all multi-timeframes indicators than run on MT4.

On the other hand, RangoFX is only based on the data of a single timeframe. It is still able to perform a sort of “multi-timeframe” analysis because it explores data related to different “price ranges“, however it will never “look into the future” when the platform is restarted. That is a big relief for any trader who wants to develop a trading strategy based on the historical analysis provided by a technical indicator.
You’ll also be happy to know that the “price ranges” are completely dynamic and tailored to the historical volatility of each currency pair so that we can always compare “apple with apple”

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