Candle Range Envelop Metatrader 5 Forex Indicator

The Candle Range Envelop Metatrader 5 forex indicator is a technical tool that shows both the length of the candle and average length for a specified time frame.

Two envelopes forming minimum and maximum values channels in the form of painted histograms.

  • Green colored histograms are shown when the histogram size exceeds the upper channel envelop.
  • Red colored histograms are on display when their size stay below the lower channel envelop.
  • The gray colored histograms come on display when their size stay within the channel envelop.

The Candle Range Envelop indicator does not offer us a clear direction as to where price is heading but can serve as a filter when in use with trend indicators.

Free Download

Download the “Candle_Range_Envelop.ex5” MT5 indicator

Example Chart

The EUR/GBP H1 chart below displays the Candle Range Envelop Metatrader 5 forex indicator in action.

Basic Trading Signals

Buy Signal: Go long when a trend following indicator like a moving average shows a bullish trend and the Candle Range Envelop Metatrader 5 forex indicator puts up a green histogram.

Sell Signal: Go short when a trend following indicator like a moving average indicator reveals a bearish sentiment and the Candle Range Envelop Metatrader 5 forex indicator histogram is also filled green.

Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Candle Range Envelop indicator pops up a red histogram.

Exit sell trade: Close all sell orders if while a bearish trend is running, the Candle Range Envelop indicator displays a red histogram.

Tips: The Candle Range Envelop indicator doesn’t define market trends, hence it should be deployed in conjunction with other trend indicators like moving averages, Bollinger Bands, etc.

Download

Download the “Candle_Range_Envelop.ex5” Metatrader 5 indicator

MT5 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 5

Type: chart window indicator

Customization options: Variable (Range period, Signal period, Deviation multiplier, Percent top envelope, Percent bottom envelope, Envelop method, Price method), width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: candle length

Installation

Copy and paste the Candle_Range_Envelop.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL5 > Indicators (paste here)

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