The TRO Range indicator is designed to help traders visualize and monitor market volatility by measuring the price movement within specific timeframes. Instead of looking at standard price candles on a main chart, this tool creates a dedicated sub-window that focuses exclusively on the "size" of each candle's range.
How it Works
The logic behind the script is based on calculating the distance between the highest and lowest prices reached during a single trading period (such as a minute, hour, or day, depending on your chart settings). By subtracting the low price from the high price, the tool determines the total "spread" or range for that specific bar.
Key Features
- Visual Range Mapping: The indicator translates these price differences into a histogram format. This allows you to see at a glance whether the market is moving aggressively or remains relatively still.
- Threshold Monitoring: The script includes a customizable "Threshold" setting. This acts as a benchmark for volatility. When the price range exceeds this specific limit, the tool highlights those instances differently, making it easier to identify periods of significant market expansion or high-impact news events.
- Real-Time Tracking: The indicator provides a dynamic visual update for the current live bar. It projects a horizontal line and a label that show exactly how far the price has traveled from its session low to its session high in real-time, helping traders gauge momentum as it unfolds.
Practical Application
By using this tool, you can quickly filter out "quiet" market activity and focus on bars that meet your specific criteria for volatility. It serves as a visual barometer for market energy, providing a clear distinction between standard price fluctuations and significant price swings.
Price Data Components
Miscellaneous
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_TRO_RANGE
//+-------------------------------------------------------------------+
//| _TRO_RANGE.mq4 |
//| TRO, 2007 |
//| modified by Skyline on 22 Nov 2007 |
//+-------------------------------------------------------------------+
#property copyright "Copyright ? 2007, Avery T. Horton, Jr. aka TRO"
#property link "http://www.therumpldone.com/"
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Green
//---- indicator buffers
double RANGEBuffer[];
double RANGEBuffer1[];
//---- indicator parameters
extern int Threshold=20;
extern color CurrentBarColor = White;
extern color ThresholdColor = Aqua;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- drawing settings
SetIndexStyle(0,DRAW_HISTOGRAM,STYLE_SOLID,2);
SetIndexStyle(1,DRAW_HISTOGRAM,STYLE_SOLID,2);
//---- indicator buffers mapping
SetIndexBuffer(0,RANGEBuffer);
SetIndexBuffer(1,RANGEBuffer1);
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("RANGE");
SetIndexLabel(0,"RANGE");
SetIndexLabel(1,"RANGE");
//---- initialization done
return(0);
}
int deinit()
{
ObjectDelete("CurrentBarValue");
ObjectDelete("LabelCurrentBarValue");
}
//+------------------------------------------------------------------+
//| Range |
//+------------------------------------------------------------------+
int start()
{
double HighVal,LowVal;
int limit;
int counted_bars=IndicatorCounted();
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
//---- RANGE counted in the 1-st buffer
for(int i=0; i<limit; i++)
{
HighVal = iHigh(NULL,0,i);
LowVal = iLow(NULL,0,i);
if ((HighVal-LowVal)/Point >= Threshold) { RANGEBuffer1[i] = (HighVal-LowVal)/Point; }
else { RANGEBuffer[i] = (HighVal-LowVal)/Point; }
// Draw Threshold line
int win_idx=WindowFind("RANGE");
/*
ObjectDelete("Threshold");
ObjectCreate("Threshold", OBJ_HLINE, win_idx, Time[0], Threshold);
ObjectSet("Threshold", OBJPROP_COLOR, ThresholdColor);
ObjectSet("Threshold", OBJPROP_STYLE, STYLE_SOLID);
ObjectSet("Threshold", OBJPROP_WIDTH, 1);
ObjectSet("Threshold", OBJPROP_BACK, true);
// Label for Threshold
// ObjectDelete("LabelThreshold");
// ObjectCreate("LabelThreshold", OBJ_TEXT, win_idx, Time[0], Threshold);
ObjectSet("LabelThreshold", OBJPROP_COLOR, ThresholdColor);
ObjectSetText("LabelThreshold", "Threshold",8);
ObjectSet("LabelThreshold", OBJPROP_ANGLE, 0);
*/
// Draw Current Bar line value
ObjectDelete("CurrentBarValue");
ObjectCreate("CurrentBarValue", OBJ_HLINE, win_idx, Time[0], (iHigh(NULL,0,0)-iLow(NULL,0,0))/Point);
ObjectSet("CurrentBarValue", OBJPROP_COLOR, CurrentBarColor);
ObjectSet("CurrentBarValue", OBJPROP_STYLE, STYLE_SOLID);
ObjectSet("CurrentBarValue", OBJPROP_WIDTH, 1);
ObjectSet("CurrentBarValue", OBJPROP_BACK, true);
// Label per Current Bar Line
// ObjectDelete("LabelCurrentBarValue");
// ObjectCreate("LabelCurrentBarValue", OBJ_TEXT, win_idx, Time[0], (iHigh(NULL,0,0)-iLow(NULL,0,0))/Point);
ObjectSet("LabelCurrentBarValue", OBJPROP_COLOR, CurrentBarColor);
ObjectSetText("LabelCurrentBarValue", "Current Bar value",8);
ObjectSet("LabelCurrentBarValue", OBJPROP_ANGLE, 0);
}
//---- done
return(0);
}
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