A bit of history about RangeBars

“…Range Bars were conceived in 1995 by a Brazilian broker and trader – Vicente M. Nicolellis Jr. During 13 years running a trading desk in Sao Paulo, where local markets tend to be volatile, he wrestled with the problem of how to handle this volatility and its variability. Finally he concluded that the most promising approach would be to eliminate time from the equation, and just concentrate on price. After all it is price that you trade (rather than time, unless it is an options market).

In 1996 the concept was computerized, which meant that many more markets could be studied. Experience in the last 8 years has shown that Range Bars are particularly good at focusing on and clarifying movement. The way in which a long meandering, horizontal “congestion” is condensed into a bar or two, concentrates attention on the essential underlying price movement while eliminating unnecessary “clutter” and “noise”. This also makes the use of Trend lines easier…”

How are range bars traded

The most common and widely used trading method using range bars is based on price action pattern identification. Certain breakout and reversal patterns can be easily spotted on range bar charts and therefor the trader is able to plan out his entry & exit points with high precision, using very thigh stops. You can learn more about these patterns here.

How range bars work on MT4

The RangeBars plug-in for the MT4 platform enables traders to utilize constant range bars in live trading environment. It also offers robust and convenient backtesting methods.

When you attach the plug-in to a standard one minute time chart and define the desired pip range of a single bar (i.e. 6 pips, 5 pips, etc.), the plug-in will first create a range chart from all available historical data on the M1 anchor chart using a closest possible approximation algorithm. Next, the plug-in will instantly start plotting live range bars in real time!

Range charts enable you to add indicators, trend lines, price levels, apply standard MT4 templates and even run EAs directly off the custom chart. Same as you can do on standard time based charts in Metatrader.

The product is shipped with a convenient backtesting script, which simplifies the general process of backtesting range charts in Metatrader’s Strategy Tester.

Range charts can also be accurately backtested with 99% modeling quality using a modified version of Birt’s original CSV2FXT script & Tick Data Suite 1.x, 2.x or TickStory. This feature, however, is only available in the PRO version of the RangeBars plug-in and requires a licensed version of Tick Data Suite or TickStory.

Metatrader 4 RangeBars plug-in features

what you get...


  • Highly optimized C++ engine for range bars calculation. The plug-in remains stable even in fast moving markets (i.e. during news releases).

  • Optional support for daily reference consistency.

  • Easy to use backtesting script, which makes backtesting an easy task (no files to copy, no special hacks required).

  • Plug-in supplied as indicator compilation – this enables you to setup several range bar charts from a single M1 chart.

  • Bundled with RangeBarChart_info indicator, which displays the High and Low thresholds for the current bar plus bar size information.

  • Optional sound or alert popup on bar close.

  • Compatible with all Metatrader4 brokers (using latest Metatrader builds)

  • Lifetime updates (via online updater) included.

  • Low price. One time payment only.

  • Instant download!

Available plug-in versions and pricing

Trial Version

$0

Free 7 day trial


Download

Standard Version

$45

One time payment only!

  • License for 3 computers
  • Free technical support
  • Free updates

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Pro Version

$65

One time payment only!

  • License for 3 computers
  • Includes CSV2FXT custom script
  • StrategyQuant support
  • Free technical support
  • Free updates

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