the Forecasting of Price Ranges Indicator MT4 MetaTrader for scalp in Forex Free Download
Introduction to the Forecasting of Price Ranges Indicator 📊💻
The Forecasting of Price Ranges indicator is a technical analysis tool that helps traders predict the price level the market may move towards in the next few candles. It can help traders set their Take Profit (TP) levels when trading short-term or scalping.
What is the Forecasting of Price Ranges Indicator?
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Click here to download and install the Forecasting of Price Ranges Indicator .
The Forecasting of Price Ranges indicator is a custom technical analysis tool that automatically provides traders with an important price range for the next candle. It draws a vertical rectangle as a background on the candles, which shows the significant price range of the previous candle during its growth. If the previous candle is long, the box is drawn longer; if the previous candle is short, the box is shorter. This indicator also tends to show the range in the direction of the previous candle. If the previous candle is bullish, the range is moved upwards, and if the previous candle is bearish, the range is moved downwards.
How Does the Forecasting of Price Ranges Indicator Work? 🔍
This indicator uses a simple algorithm to design the price range based on whether the previous candle was bullish or bearish. The formulas differ depending on the open, high, low, and close prices of the candle.
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If the close price is lower than the open price (bearish candle), the formula is: [ x = \frac{{High + Low + Close + Low}}{2} ]
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If the close price is higher than the open price (bullish candle), the formula is: [ x = \frac{{High + Low + Close + High}}{2} ]
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If the close price is equal to the open price (doji candle), the formula is: [ x = \frac{{High + Low}}{2} ]
The value of x will be the starting point for the vertical rectangle, and then the price will move upwards or downwards depending on the previous candle’s direction.
How to Use the Forecasting of Price Ranges Indicator in MT4 📉
Click here to download and install the Forecasting of Price Ranges Indicator .
The Forecasting of Price Ranges indicator has a few simple settings that you can change:
- color: Allows users to change the color of the vertical box that indicates the price range.
- barsToProcess: Allows users to set the number of candles the indicator will process.8437
The Forecasting of Price Ranges indicator can be a useful tool for traders. It helps them predict the price the market may reach based on the range of previous candles. This is especially useful for traders who engage in short-term or scalping trades. However, due to its short-term nature, this indicator may not always be reliable in forecasting price ranges. Traders may also use other indicators like Average True Range (ATR) to identify long-term price ranges.
Important Points in Using the Forecasting of Price Ranges Indicator ⚠️
- Proper Settings: Proper settings like the number of candles and the color of the rectangle can have a significant impact on the accuracy of predictions.
- Combination with Other Indicators: For more accurate predictions, this indicator should be combined with other technical analysis tools.
- Don’t Rely Solely on Predictions: Due to its reliance on the previous candle’s data, this indicator should not be fully relied on, and traders should consider other factors.
Benefits of Using the Forecasting of Price Ranges Indicator 🎯
- Quick Prediction: It can quickly predict the possible price range for upcoming candles.
- Suitable for Short-Term Trades: It’s especially beneficial for traders involved in short-term trades or scalping.
- Easy to Use: The settings are simple and intuitive, making it easy for beginners to use.
Disadvantages of Using the Forecasting of Price Ranges Indicator ⚠️
- Limited Accuracy: This indicator may not always be accurate and is not suitable for long-term or complex predictions.
- Suitable for Short-Term Analysis: It is designed primarily for short-term price predictions.
Click here to download and install the Forecasting of Price Ranges Indicator .
In conclusion, the Forecasting of Price Ranges indicator can be a valuable tool for traders, helping them predict the price range of the market based on previous candles. It is particularly useful for short-term and scalping trades but should be used cautiously as it may not always provide accurate results. Like any other technical analysis tool, it is best used alongside other indicators for more reliable trading decisions.
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