How to use MT5/MT4
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This indicator uses the ADX value to detect the occurrence of ranging markets and range breakouts.
Specifically, it considers the market to be ranging when the ADX is below a certain level (default is 20) for more than a specified number of bars (default is 20 bars), and it draws lines at the high and low levels of this period.
Additionally, if the price breaks through these upper or lower lines, an arrow and an alert will notify you.
When the ADX value remains below the specified threshold for more than the designated number of bars, horizontal lines are drawn at the high and low levels of that state. Moreover, while the ADX value continues below the threshold, the background color between these high and low lines is highlighted (see image below ①).
Later, if the ADX value exceeds the threshold, the background color disappears (refer to the image below ②).
*The range of the high and low is fixed during the period when the ADX is below the threshold.
Subsequently, if there is a movement that breaks above or below the high and low levels based on the closing price, this will be indicated with an arrow on the chart.
【Example of Indicator Display】
*This indicator only works on the Windows version of TitanFX's MT5 and MT4.
Indicator Terms of Use
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1.The indicators and related descriptions are based on various data believed to be reliable, but their accuracy and completeness are not guaranteed.
2.The data displayed by the indicators do not guarantee your investment results. Also, the displayed content may vary due to market conditions and communication environments.
3.Please make investment decisions using indicators at your own risk. We are not responsible for any disadvantages or damages arising from the use of indicators.
4.Specifications of the indicators are subject to change without notice. Changes will be announced on the indicator description pages, etc.
5.Indicators should only be used by customers who have downloaded them. Transferring or selling the indicators to third parties is prohibited.
| Variable Name | Description | Default |
|---|---|---|
| ADX period | Specifies the period for ADX calculation. | 14 |
| ADX threshold | Specifies the maximum value of ADX to determine a range. | 20.0 |
| Number of bar | Specifies how many consecutive bars below the threshold are needed to define a range. | 20 |
| Range background color | Specifies the color to highlight the area where the ADX value remains below the threshold for the specified number of bars. | Gray |
| Line color (support) | Specifies the color for the lower limit line of the range and the arrow indicating a downward breakout. | Aqua |
| Line color (resistance) | Specifies the color for the upper limit line of the range and the arrow indicating an upward breakout. | Magenta |
| Line width | Specifies the thickness of the lines indicating the range. | 1 |
| Line style | Specifies the style of the lines indicating the range. | Solid |
| Marker size | Specifies the size of the arrow indicating a breakout above or below the range. | 1 |
| Alert | Specifies whether to trigger an alert when the price breaks out above or below the range. | true |
This indicator does not use this tab.
