Beta Adjusted Range Meter
A plain range reading only says "this bar moved a lot"; it says nothing about whether that was normal for this instrument given what the wider market just did. This indicator measures a rolling beta between the chart's own symbol and a chosen benchmark from their close-to-close returns, then multiplies the benchmark's own range (as a percent of its price) by that beta to get an expected range for the instrument. The gap between actual and expected is plotted as a histogram: a large positive gap is an idiosyncratic move bigger than the beta relationship would predict (news, a broken correlation, a local liquidity event); a large negative gap is an unusually quiet bar despite a beta-implied reason to expect movement. Beta itself is measured from the CHART'S OWN timeframe's returns, not resampled to daily bars - this keeps both symbols' bar shifts aligned with a plain iClose/iHigh/iLow call rather than a multi-timeframe lookup. On a D1 chart this reads as "today versus today"; on any other timeframe it reads as "this bar versus this bar", which is a deliberately simpler design than trying to force every timeframe onto a daily beta. Notes and limitations - Beta is calculated from |beta| when scaling the expected range - the sign of beta (positive or inverse correlation) is meaningful for direction, but a range comparison only cares about magnitude, so a strongly inverse-correlated benchmark still produces a sensible expected range rather than a negative one. - If the benchmark symbol has no return variance in a given window (a dead/illiquid symbol, or too short a history), beta is undefined for that bar and the expected/gap lines are left blank rather than showing a misleading zero. - Assumes the instrument and the benchmark share broadly the same bar-shift alignment at the chart's timeframe. Symbols with different trading-session gaps (e.g. an index versus a forex pair) can drift slightly out of alignment bar-for-bar; this is a known approximation, not a session-synchronised join. - A benchmark symbol freshly added to Market Watch needs its history to finish loading before readings appear; the indicator waits for enough bars rather than plotting on partial data.
Indicator · MT5 · v1.0 · Free
About Beta Adjusted Range Meter
Beta Adjusted Range Meter is an indicator for MetaTrader 5. It has 2 settings, such as Benchmark symbol and Beta lookback. MQL source code included.
Files in the download: BetaAdjustedRangeMeter.ex5, BetaAdjustedRangeMeter.mq5, BetaAdjustedRangeMeter.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Benchmark symbol | EURUSD | Benchmark symbol beta is measured against (must exist in Market Watch) |
| Beta lookback | 30 | Bars of trailing returns used to estimate beta |
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 → Indicators.
- 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 indicator from the Navigator onto a chart and adjust the settings.
Tags: MT5 Indicator · MQL5 Source Code