Premium Discount Zone Shader
"Buy discount, sell premium" is a common framework for judging where price sits within its recent range. This indicator takes the highest high and lowest low over a rolling lookback window and splits that range into three equal bands: the bottom third (discount), the middle third (equilibrium) and the top third (premium), shaded and labelled directly on the chart along with a dashed 50% equilibrium line. The range is a rolling lookback, not a single fixed swing - it recalculates every new bar, so the zone boundaries shift forward as price moves through time. That is deliberate: this is a live "where in the recent range is price now" display, not a marked historical structure. It has no plotted buffers and therefore nothing that can repaint in the usual sense; what changes bar to bar is simply which window of history currently defines the range, exactly as it would if a trader kept sliding their own range selection forward by hand. Notes and limitations - The range is a fixed bar-count lookback, not a swing-detected range - it does not attempt to find the "real" structural high/low, only the extremes of the last InpRangeBars bars. A different lookback will give a different range and different zone boundaries. - Because the window rolls forward every bar, the zone boundaries are not stable reference levels the way a manually drawn Fibonacci range would be - they will drift as old extremes fall out of the lookback window. - This indicator makes no claim about future direction; premium and discount are descriptive labels for where price sits in its recent range, not a trade signal.
Indicator · MT4 · v1.0 · Free
About Premium Discount Zone Shader
Premium Discount Zone Shader is an indicator for MetaTrader 4. It has 6 settings, such as Range bars, Show equil line and Show labels. MQL source code included.
Files in the download: PremiumDiscountShader.mq4, PremiumDiscountShader.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Range bars | 100 | Bars in the rolling dealing range lookback |
| Show equil line | true | Draw the 50% equilibrium line |
| Show labels | true | Draw Premium/Equilibrium/Discount text labels |
| Premium color | clrCrimson | Premium (top third) zone colour |
| Equil color | clrSilver | Equilibrium (middle third) zone colour |
| Discount color | clrLimeGreen | Discount (bottom third) zone colour |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 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: Fibonacci · MT4 Indicator · MQL4 Source Code