{"id":11029,"date":"2016-03-29T01:24:20","date_gmt":"2016-03-29T08:24:20","guid":{"rendered":"http:\/\/www.tradingheroes.com\/?p=11029"},"modified":"2024-03-08T21:35:15","modified_gmt":"2024-03-09T04:35:15","slug":"candle-range-metatrader-4-indicator","status":"publish","type":"post","link":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/","title":{"rendered":"Candle Pip Range Indicator for MetaTrader 4"},"content":{"rendered":"<p>There are trading systems out there that rely on knowing the range of a candle. It could be to set a stop loss, a profit target or if you need to see how a candle compares to previous candles to make a decision.<\/p>\n<p>For example, let's say that you wanted to go short at the close below this resistance level.\u00a0You also want to use the previous candle's range as your <a href=\"https:\/\/www.tradingheroes.com\/place-stop-loss-order\/\">stop loss<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11314\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/short-1.jpg\" alt=\"Short trade\" width=\"600\" height=\"373\" \/><\/p>\n<p>But the only way that you can measure a candle is to use a calculator or pull\u00a0the crosshair to show the range.\u00a0I'm sure that is something you are used to&#8230;I sure was.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11315\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/range.jpg\" alt=\"Candle range\" width=\"410\" height=\"344\" \/><\/p>\n<p>&#8230;or you can look at the high and the low of the candle at the bottom of the screen and do the math.<\/p>\n<p>Now, you might not need an exact measurement. However, I don't know about you but my head starts to hurt if I have to do that too often.<\/p>\n<p><strong>What if you have to measure 20 candles a night? That can\u00a0add up to a lot of wasted brain power.\u00a0<\/strong><\/p>\n<blockquote><p>Doesn't Metatrader 4 have a built-in tool or something?<\/p><\/blockquote>\n<p>That is what I asked myself too. When I looked around, I couldn't find anything.<\/p>\n<p>Nada.<\/p>\n<p>So I decided to see if it could be created. Luckily, the <a href=\"https:\/\/www.tradingheroes.com\/forex-programming-services-directory\/\">MT4 programmer<\/a> that I work with, could build it.<\/p>\n<p>I got it built (very quickly) and here it is in action&#8230;<\/p>\n<h2>MT4 Candle Range Indicator in Action<\/h2>\n<div align=\"center\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/sOifyGGE-58?rel=0&showinfo=0\" width=\"840\" height=\"450\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">?<\/span><\/iframe><\/div>\n<p>All you have to do is <a href=\"https:\/\/www.tradingheroes.com\/how-to-install-indicators-in-metatrader\/\">install the custom indicator<\/a>, then the candle range automatically appears in the upper left corner of the chart.<\/p>\n<p>Whenever you put your mouse over a candle, you can see the range at a glance.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11318\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/range-measurement.jpg\" alt=\"Range measurement\" width=\"252\" height=\"173\" \/><\/p>\n<p><em>Pretty handy right?\u00a0<\/em><\/p>\n<p>Before we move on, let's take a look at how you can customize this indicator. Just like the rest of the Trading Heroes\u00a0<a href=\"https:\/\/store.tradingheroes.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">tools<\/a>, I believe in keeping things simple.<\/p>\n<p>So there is only one thing that you can customize&#8230;the font color. Really, what else is there to change \ud83d\ude42<\/p>\n<p>A lot of indicators on the market are way to complex.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11317\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/custom-indicator-1.jpg\" alt=\"Candle Range indicator by Trading Heores\" width=\"612\" height=\"306\" \/><\/p>\n<h2>Benefits of Using this MT4 Indicator<\/h2>\n<p>The primary benefit is speed. Now you don't have to manually pull the measuring tool or whip out your calculator.<\/p>\n<p>It is also more exact. You will always get\u00a0the right measurement. This indicator also takes fractional pips into account. So if your broker uses them, you are covered.<\/p>\n<p>You can also add this to your <a href=\"https:\/\/www.tradingheroes.com\/metatrader-tip-how-to-setup-a-clean-chart-as-a-template\/\">clean chart template<\/a>, so you have it on every chart. I use it on shorter term charts, when knowing the exact pips matters more.<\/p>\n<h2>Conclusion<\/h2>\n<p>This indicator is useful for any trading method that requires you to measure the range of a previous candle.<\/p>\n<p>Stay tuned for more plugins for MT4 Forex Tester and more.<\/p>\n<p>As I think of new ideas, I will build them and make them available at a price that is a fraction of the programming cost, if you had to do it yourself.<\/p>\n<p>Get all of our <a href=\"https:\/\/store.tradingheroes.com\/\">trading software plugins here<\/a>.<\/p>\n<p>Hope your trading is going well!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are tired of manually measuring candle ranges with the measuring tool in MT4 or with your calculator, this indicator will help. See a live demonstration video in this post. <\/p>\n","protected":false},"author":2022,"featured_media":1021433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201007],"tags":[201637],"class_list":["post-11029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-software-tutorials","tag-metatrader-4-tutorials","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Candle Pip Range Indicator for MetaTrader 4 - Trading Heroes<\/title>\n<meta name=\"description\" content=\"This candle pip range indicator for MetaTrader 4 shows the range of a candle that your mouse is on, in pips.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Candle Pip Range Indicator for MetaTrader 4 - Trading Heroes\" \/>\n<meta property=\"og:description\" content=\"This candle pip range indicator for MetaTrader 4 shows the range of a candle that your mouse is on, in pips.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/\" \/>\n<meta property=\"og:site_name\" content=\"Trading Heroes\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/tradingheroes\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-29T08:24:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-09T04:35:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hugh Kimura\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@tradingheroes\" \/>\n<meta name=\"twitter:site\" content=\"@tradingheroes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Candle Pip Range Indicator for MetaTrader 4 - Trading Heroes","description":"This candle pip range indicator for MetaTrader 4 shows the range of a candle that your mouse is on, in pips.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/","og_locale":"en_US","og_type":"article","og_title":"Candle Pip Range Indicator for MetaTrader 4 - Trading Heroes","og_description":"This candle pip range indicator for MetaTrader 4 shows the range of a candle that your mouse is on, in pips.","og_url":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/","og_site_name":"Trading Heroes","article_publisher":"https:\/\/www.facebook.com\/tradingheroes","article_published_time":"2016-03-29T08:24:20+00:00","article_modified_time":"2024-03-09T04:35:15+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg","type":"image\/jpeg"}],"author":"Hugh Kimura","twitter_card":"summary_large_image","twitter_creator":"@tradingheroes","twitter_site":"@tradingheroes","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#article","isPartOf":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/"},"author":{"name":"Hugh Kimura","@id":"https:\/\/www.tradingheroes.com\/#\/schema\/person\/7224f1a7b68144f87391c62a49d7890a"},"headline":"Candle Pip Range Indicator for MetaTrader 4","datePublished":"2016-03-29T08:24:20+00:00","dateModified":"2024-03-09T04:35:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/"},"wordCount":523,"publisher":{"@id":"https:\/\/www.tradingheroes.com\/#organization"},"image":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg","keywords":["MetaTrader 4 Tutorials"],"articleSection":["Trading Software Tutorials"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/","url":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/","name":"Candle Pip Range Indicator for MetaTrader 4 - Trading Heroes","isPartOf":{"@id":"https:\/\/www.tradingheroes.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#primaryimage"},"image":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg","datePublished":"2016-03-29T08:24:20+00:00","dateModified":"2024-03-09T04:35:15+00:00","description":"This candle pip range indicator for MetaTrader 4 shows the range of a candle that your mouse is on, in pips.","breadcrumb":{"@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#primaryimage","url":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg","contentUrl":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/candle-range-indicator.jpeg","width":1280,"height":720,"caption":"MT4 candle range indicator"},{"@type":"BreadcrumbList","@id":"https:\/\/www.tradingheroes.com\/candle-range-metatrader-4-indicator\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.tradingheroes.com\/"},{"@type":"ListItem","position":2,"name":"Trading Software Tutorials","item":"https:\/\/www.tradingheroes.com\/category\/trading-software-tutorials\/"},{"@type":"ListItem","position":3,"name":"Candle Pip Range Indicator for MetaTrader 4"}]},{"@type":"WebSite","@id":"https:\/\/www.tradingheroes.com\/#website","url":"https:\/\/www.tradingheroes.com\/","name":"Trading Heroes","description":"Discover Your Grail Trading Strategy","publisher":{"@id":"https:\/\/www.tradingheroes.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tradingheroes.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.tradingheroes.com\/#organization","name":"Trading Heroes","url":"https:\/\/www.tradingheroes.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tradingheroes.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/login-logo.png","contentUrl":"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/login-logo.png","width":300,"height":150,"caption":"Trading Heroes"},"image":{"@id":"https:\/\/www.tradingheroes.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/tradingheroes","https:\/\/x.com\/tradingheroes","https:\/\/www.instagram.com\/tradingheroes\/","https:\/\/www.linkedin.com\/company\/tradingheroes\/"]},{"@type":"Person","@id":"https:\/\/www.tradingheroes.com\/#\/schema\/person\/7224f1a7b68144f87391c62a49d7890a","name":"Hugh Kimura","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tradingheroes.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/15cd48e3c506e09e7a3b4edf8b221373f1e4e1a9148bbce44c77ff5db1e86693?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/15cd48e3c506e09e7a3b4edf8b221373f1e4e1a9148bbce44c77ff5db1e86693?s=96&d=mm&r=g","caption":"Hugh Kimura"},"description":"Hi, I'm Hugh and I'm an independent trader. Before starting Trading Heroes in 2007, I used to work at the trading desk of a hedge fund, for one of the largest banks in the world and at an IBM Premier Business Partner. Learn more about me here and read more of my articles here.","sameAs":["https:\/\/www.tradingheroes.com\/"],"url":"https:\/\/www.tradingheroes.com\/author\/hughkimura\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/11029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/users\/2022"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/comments?post=11029"}],"version-history":[{"count":2,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/11029\/revisions"}],"predecessor-version":[{"id":1024453,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/11029\/revisions\/1024453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/media\/1021433"}],"wp:attachment":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/media?parent=11029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/categories?post=11029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/tags?post=11029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}