The Smoothed Range Volume Ratio Metatrader 5 forex indicator is an oscillator based technical study that is built on the Range_Volume_Ratio indicator model.
It appears in a separate window as a histogram, with the candlestick size/tick volume ratios being defined via the following parameters:
- Difference between Open and Close;
- Difference between High and Low.
Looking at the indicator on display, you’ll also see that it comes along with a blue signal line plotted by the process of smoothing the histogram values.
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Download the “Range_Volume_Ratio_S.ex5” MT5 indicator
Example Chart
The display of the color of the histograms is achieved via two methods:
Using the value of the previous column. This implies that if the previous column gets above the signal line, it means the next column will yield a green colored column.
However, if the previous column is below the signal line, it implies that the next column will come out as orange.
Traders can decide to keep things simple by adopting the One-color histogram, where all columns are of the same color.
There are four inputs parameters that are adjustable on the Smoothed Range Volume Ratio Metatrader 5 indicator:
Calculation type – type of calculations:
Open/Close – difference between Open and Close;
High/Low – difference between High and Low.
Period – smoothing period of the signal line (has a default value of 15);
MA Method – signal line calculation method (simple, exponential, smoothed & linear weighted);
Colors setting – color settings:
By previous bar position – histogram column color by the value of the previous column;
One color – one color.
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Download the “Range_Volume_Ratio_S.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Calculation type, Period, MA Method, Colors setting), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator
Installation
Copy and paste the Range_Volume_Ratio_S.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)