After Markus Heitkoetter presentation at the ITC, there was a lot of
people asking for this kind of charts for Metatrader. After doing some
research, attached you can find the indicator to build this kind of
charts in Metatrader, enjoy!
I must be missing something. I followed the direction provided with the indicator but I don't see anything on the chart when its attached. Can you provide a snap shot of what the indicator looks like on the chart. I don't have reference point on how this looks or works since I didn't see the Heitkoetter presentation. Thanks.
I have tested the indicator and it's easier than expected, just follow this steps:
1. Open any chart and set it to 1M timeframe
2. Insert the indicator (don't forget to check the "Allow dll import" box
3. Then go to File -> Open offline. There you can find an offline chart (named "Symbol, M2") written by the indicator in step 2
4. Open that chart and there it is.
The problem is the charts you get are sometimes weird which is a little bit disappointing , so probably MT4 is not the best tools for this kind of tasks.
Anyway if you're looking for an explanation and examples of Range Bars, check the following link, it's very well explained:
That's what I was thinking... but it's not exactly the same as in point and figure charts you're considering a reversal distance while in range charts you just switch to the next candle when price has moved x pips in any direction. But a good starting point to draw these charts in MT4 would be the available code for that kind of charts, I will try to check the code to see if I can modify those indicators to build the Range Bars.
BTW, if you want to try, I'm uploading here some indicators (Point and Figure, and Renko for MT4)
Also, there is a guy on ebay selling range bar software for MT4, but its about $150.00 which is quite a bit more than the point and figure software but might be well worth it if I ever figure out what the hell I am doing.
Thanks for the post, one system that is available for sell is selling the indicator as a great discover, now I can have it for free , but for those who are really interest on range bar, the best platform that I know for it is Tradestation because let you set up your range bar easily