True Range Percent Of Price
A 20-point range means something completely different on a 1.10 forex pair than on a 25,000-point stock index - raw True Range in price units cannot be compared across symbols without first knowing each one's typical scale. This indicator divides the True Range (the largest of high-low, high-to-previous-close and low-to-previous-close) by the bar's own close and expresses it as a percentage, so a 0.3% reading means the same thing on any symbol. An optional simple moving average of the percentage readings is plotted alongside the raw value, useful for judging whether the current bar's range is running hot or cold relative to its own recent normal - without needing a second indicator window. Notes and limitations - True Range itself needs only one prior bar of history, so the histogram starts almost immediately; the average overlay needs InpAveragePeriod bars before its first reading. - The percentage is computed against the CURRENT bar's own close, not a fixed reference price, so it moves with price even when the absolute range in points is unchanged. - No smoothing is applied to the raw True Range percent itself - only the optional overlay line is averaged.
Indicator · MT4 · v1.0 · Free
About True Range Percent Of Price
True Range Percent Of Price is an indicator for MetaTrader 4. It has 2 settings, such as Show average line and Average period. MQL source code included.
Files in the download: TrueRangePercent.mq4, TrueRangePercent.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Show average line | true | Overlay a simple moving average of the readings |
| Average period | 14 | Period of the overlay average when InpShowAverageLine is true |
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: MT4 Indicator · MQL4 Source Code