Asian Range Fade Base Rates
"Fade the Asian range" is common advice with no attached number. This script builds it: for every trading day in the loaded history it forms the Asian session's high and low from the configured hour window, then walks the following European session bar by bar looking for the first touch of each extreme. Once touched, the outcome is read from that same bar's close - held back inside the range by a threshold, broken through by a threshold, or neither. Results are bucketed by the Asian range's size in pips, because a 15 pip overnight range and a 60 pip one are not the same setup even though both get called "the Asian range" - a wide range has already done most of a day's typical movement before Europe opens, and a narrow one has not. Pooling them into one hold/break rate hides that difference; this script reports small, medium and large separately. Only the first touch of each extreme counts per day. A session that grinds along the Asian high for several bars still only supplies one touch event, not one per bar - otherwise a slow grind would swamp the sample with repeats of the same episode. Notes and limitations - Session windows are read against the M15 series regardless of the chart the script was dragged onto, so at least M15 history must be loaded for the symbol being studied. - A day with no M15 bars inside the Asian window (a data gap, or a weekend edge) is skipped rather than counted with a false range. - The outcome is read from the touch bar's own close, not from any wick that formed after it - a level that was briefly pierced and closed back on the near side within the same bar is scored a hold at that bar. - This is a descriptive study, not a trading signal. It ignores spread and slippage entirely, and a hold rate near fifty percent on a small sample is not evidence the range matters.
Script · MT5 · v1.0 · Free
About Asian Range Fade Base Rates
Asian Range Fade Base Rates is a script for MetaTrader 5. It can alert you with a pop-up, sound, email or push message. It has 10 settings, such as Symbol, Max days and Asian start hour. MQL source code included.
Files in the download: AsianRangeFadeBaseRates.ex5, AsianRangeFadeBaseRates.mq5, AsianRangeFadeBaseRates.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Symbol | Symbol to study, blank = this chart's symbol | |
| Max days | 500 | Most recent trading days to include |
| Asian start hour | 0 | Asian session start, broker server time (0-23) |
| Asian end hour | 8 | Asian session end, broker server time (0-23, exclusive) |
| Europe start hour | 8 | European session start, broker server time (0-23) |
| Europe end hour | 16 | European session end, broker server time (0-23, exclusive) |
| Hold threshold pips | 5.0 | Reverse-back distance past the extreme required to call it a hold |
| Small range max pips | 20.0 | Upper edge of the "small" Asian range bucket, in pips |
| Large range min pips | 40.0 | Lower edge of the "large" Asian range bucket, in pips |
| Save csv | true | Write every day's outcome to a CSV file |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Scripts.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the script onto a chart to run it once.
Tags: Trading Sessions · Alerts · MT5 Script · MQL5 Source Code