OHLC Range is a free mt4 (Metatrader 4) Forex indicator that informs traders about the open, high, low and close price for today’s price action.
The indicator displays all information directly on the main MT4 chart window in blue color.
The OHLC Range Forex indicator is very reliable, lightweight, and will not slow down your trading platform.
Free Download
Download the “OHLC_Range.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the OHLC Range mt4 indicator in action on the trading chart.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick
Repaint? Does not repaint the oscillator trend bars.
OHLC Range + Directional Breakout MT4 Scalping Strategy
This MT4 scalping method combines the OHLC Range indicator and the Directional Breakout indicator.
OHLC Range helps you see where price has ranged (open, high, low, close), and directional breakout gives momentum confirmation via green (buy) or red (sell) histograms.
By aligning breakout momentum with key price range edges, you can capture fast intraday moves.
This strategy is built for aggressive scalping on short timeframes like M1, M5, or M15.
It works best in volatile pairs (EURUSD, GBPUSD, USDJPY, AUDUSD).
Use during active sessions (London, New York overlap) for better signal quality.
Buy Entry Rules
- Wait until price touches or slightly exceeds the upper boundary of the OHLC Range (today’s high or close range area) — this is your breakout zone.
- The Directional Breakout histogram must turn green (above its breakout threshold), confirming upward momentum.
- Enter a buy at the close of the confirmation candle (the first green bar after the breakout).
- Stop loss: place just below the OHLC Range boundary or below the recent swing low (buffer of 5–10 pips, depending on the pair).
- Take profit: aim for 1:1.5 or 1:2 reward/risk, or exit when the histogram flips red.
Sell Entry Rules
- Wait until price touches or dips below the lower boundary from the OHLC Range (today’s low or close range area) — your breakout zone to the downside.
- The Directional Breakout histogram must turn red (below the negative threshold), confirming downward momentum.
- Enter a sell at the close of that confirmation candle.
- Stop loss: just above the OHLC Range boundary or above the recent swing high (buffer of 5–10 pips).
- Take profit: aim for 1:1.5 or 1:2, or exit when the histogram flips green.
Advantages
- You only trade when the price breaks a key range — reduces random signals.
- Momentum confirmation keeps you in the direction of strong moves.
- Flexible across multiple pairs—just adjust pip buffers and targets.
- Short trades limit exposure to reversals if you act quickly.
Drawbacks
- False breakouts can cause whipsaws, especially in low volume.
- Requires fast execution and discipline — delays hurt profit.
Case Study 1: EURUSD M5
In the early US session, the price rose to touch the OHLC Range’s upper boundary.
At the same time, the Directional Breakout histogram flipped green (exceeding threshold).
A buy was entered at 1.1052.
Stop loss was placed at 1.1042, take profit at 1.1067 (1:1.5).
The move rallied quickly, hitting TP after 15 minutes.
The breakout was clean, and momentum held strong.
Case Study 2: USDJPY M1
During the London session, the price dipped to the lower OHLC Range boundary.
The histogram turned red, confirming downside momentum.
A sell was entered at 149.85, stop at 149.95, target at 149.72.
The price dropped sharply, hitting TP in under 10 minutes before a pullback arrived.
The histogram remained red until close.
Strategy Tips
- Only trade when the spread is low and avoid pairs with wide spreads during off-hours.
- Add a minimum-bar breakout rule: require the breakout candle to close at least a few pips outside the range to filter weak moves.
- Use a small trailing stop once you’re halfway to your target, e.g., trail by 5 pips to lock in profits.
- Backtest on different pairs to find ones with clean OHLC breakout behavior (e.g., EURUSD, GBPUSD, AUDUSD).
- Cap the number of trades per hour to avoid overtrading in noisy conditions.
By combining the structural insight from OHLC Range and momentum clarity from Directional Breakout, this MT4 scalping strategy helps you enter breakouts backed by momentum.
With strict risk controls and patience, it can become a steady tool in your intraday trading arsenal.
