The RangeBars plug-in for MT4

"...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).

Essentially this reverts to the early days of Technical Analysis, and the use of Point an Figure Charts which just record price changes. By using a constant range, ex. 10, and opening a new bar once that range is covered, one can also apply modern concepts of indicators, which are bar based.

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 Trendlines easier..."

The RangeBars plug-int for the MT4 platform enables traders to utilize range bars in their trading. When you attach the script to a 1M time chart and define the pip range of a single bar (i.e. 6 pips, 5 pips, etc.), the script will first create an offline chart for all historical 1M data by closest possible approximation and finally start to create following range bars in real time! The charts enable you to add indicators, trend lines, price levels, apply standard MT4 templates and even run EAs directly off the range bar chart.

The latest version also offers a free feature, which enables you to backtest range bars using 99% modeling quality on MT4. This is possible using a bundled Dukascopt2FXT_RangeBarsMod script (a modified version of the original Dukascopy2FXT script created by Cristi Dumitrescu). The script simply passes tick data collected form Dukascopy servers through a RangeBars filter instead of a time filter and outputs a custom FXT file, which can be further used for backtesting. Please visit http://eareview.net/tick-data to learn more about this advanced topic.

The plug-in is available for a one time fee of only 35 USD

The files will be sent to your paypal e-mail address within 24 hours from purchase.

Please make sure that you provide a valid e-mail address !