The Range_v2 tool is designed to provide traders with a clear, visual representation of price action across different time horizons simultaneously. Its primary purpose is to allow users to observe higher timeframe data (such as Daily, Weekly, or Hourly trends) directly on a lower timeframe chart without having to constantly switch back and forth between windows.
Core Functionality
The script functions by "mapping" the historical data of a higher timeframe onto your current active chart. When you select a specific timeframe in the settings (e.g., selecting "D1" while looking at a 15-minute chart), the script identifies the corresponding price points for that larger period and plots them as continuous lines.
The logic follows these key steps:
- Multi-Timeframe Integration: The tool automatically detects the timeframe you want to view and calculates how many smaller "bars" on your current chart should represent one larger bar from that timeframe.
- Price Point Mapping: It extracts four critical data points from the chosen higher timeframe: the High, Low, Open, and Close prices.
- Dynamic Visualization: Instead of showing you scattered dots, the script connects these values into distinct visual lines:
- One line tracks the Highs.
- One line tracks the Lows.
- One line tracks the Openings.
- One line tracks the Closings.
- Data Alignment: The script includes logic to ensure that if a large timeframe bar is still in progress (hasn't closed yet), the "Close" line remains steady at the previous known price until the new data is finalized. This prevents visual flickering or incorrect "jumping" of lines during live trading.
Practical Application for Traders
By displaying these four lines together, the tool creates a "range" box on your chart. For example, if you are trading on a 5-minute chart but viewing the Daily range:
- You can see the high and low boundaries of the current day instantly.
- You can observe where the price opened compared to where it is currently trading.
- It provides a "big picture" perspective, helping you identify if the current price movement is significant relative to the larger daily or weekly trend.
Essentially, this script acts as a bridge between short-term execution and long-term analysis, keeping the overarching market structure visible at all times.
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Range_v2.2
//+------------------------------------------------------------------+
//| Range_v2.mq4 |
//| Copyright © 2006, Forex-TSD.com |
//| Written by IgorAD,igorad2003@yahoo.co.uk |
//| http://finance.groups.yahoo.com/group/TrendLaboratory |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Forex-TSD.com "
#property link "http://www.forex-tsd.com/"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 DodgerBlue
#property indicator_color2 Tomato
#property indicator_color3 Orange
#property indicator_color4 Lime
#property indicator_width1 1
#property indicator_width2 1
#property indicator_width3 2
#property indicator_width4 2
#property indicator_style1 2
#property indicator_style2 2
extern string TimeFrame = "D1";
extern int Shift = 0;
extern int AjShift = 0;
extern string TimeFrames = "1,5,15,30;H1(60);H4;D1;W1;MN";
double UpBuffer[];
double DnBuffer[];
double OpenBuffer[];
double CloseBuffer[];
int TF;
string error="Wrong TimeFrame!";
int init()
{
string short_name;
//IndicatorBuffers(4);
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,UpBuffer);
SetIndexLabel(0,"High");
SetIndexDrawBegin(0,0);
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,DnBuffer);
SetIndexLabel(1,"Low");
SetIndexDrawBegin(1,0);
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2,OpenBuffer);
SetIndexLabel(2,"Open");
SetIndexDrawBegin(2,0);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,CloseBuffer);
SetIndexLabel(3,"Close");
SetIndexDrawBegin(3,0);
short_name="Range_v2.2("+TimeFrame+")";
IndicatorShortName(short_name);
if (TimeFrame=="M1" || TimeFrame=="1") TF=PERIOD_M1;
else
if (TimeFrame=="M5" || TimeFrame=="5") TF=PERIOD_M5;
else
if (TimeFrame=="M15" || TimeFrame=="15")TF=PERIOD_M15;
else
if (TimeFrame=="M30" || TimeFrame=="30")TF=PERIOD_M30;
else
if (TimeFrame=="H1" || TimeFrame=="60") TF=PERIOD_H1;
else
if (TimeFrame=="H4" || TimeFrame=="240") TF=PERIOD_H4;
else
if (TimeFrame=="D1" || TimeFrame=="1440") TF=PERIOD_D1;
else
if (TimeFrame=="W1" || TimeFrame=="10080") TF=PERIOD_W1;
else
if (TimeFrame=="MN" || TimeFrame=="43200") TF=PERIOD_MN1;
else
if (TimeFrame=="0") TF=Period();
else {Comment(error); TF=Period(); return(0);}
SetIndexShift(0,AjShift + Shift*TF/Period());
SetIndexShift(1,AjShift + Shift*TF/Period());
SetIndexShift(2,AjShift + Shift*TF/Period());
SetIndexShift(3,AjShift + Shift*TF/Period());
return(0);
}
int start()
{
datetime TimeArray[];
int i=0,y=0, prevy=0;
int counted_bars=IndicatorCounted();
double LowArray[],HighArray[],OpenArray[],CloseArray[];
if (TF<Period())
{
SetIndexDrawBegin(0,Bars);
SetIndexDrawBegin(1,Bars);
Comment("Incorrect TimeFrame");
return(0);
}
if ( counted_bars > 0 ) int limit=Bars-counted_bars+TF/Period();
if ( counted_bars < 0 ) return(0);
if ( counted_bars ==0 ) limit=Bars-1;
ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TF);
ArrayCopySeries(LowArray,MODE_LOW,Symbol(),TF);
ArrayCopySeries(HighArray,MODE_HIGH,Symbol(),TF);
ArrayCopySeries(OpenArray,MODE_OPEN,Symbol(),TF);
ArrayCopySeries(CloseArray,MODE_CLOSE,Symbol(),TF);
for(i=0,y=0;i<limit;i++)
{
prevy = y;
if (Time[i]<TimeArray[y]) y++;
UpBuffer[i]=HighArray[y];
DnBuffer[i]=LowArray[y];
OpenBuffer[i]=OpenArray[y];
if(y!=prevy)
CloseBuffer[i]=CloseArray[y];
else CloseBuffer[i]=CloseArray[prevy];
}
return(0);
}
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