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-   -   OBTR On Balance True Range Indicator – indicator for MetaTrader 4 (https://www.forexlasers.com/forums/fx-indicators-download-database/5198-obtr-balance-true-range-indicator-%96-indicator-metatrader-4-a.html)

Metatrader Indicators 20-03-2018 21:30

OBTR On Balance True Range Indicator – indicator for MetaTrader 4
 
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Attachment 3238
<p>Tom Bierovic originated the concept of using the range to overcome some of the limitations of the volumes indicator.</p><p>I searched everywhere for an MT4 version and could not find. Therefore this indicator was born.</p><p>I have enabled it with many options so that it can be tailored to suit many strategies. It appears to work very well as a confirm tool with</p><p>other standard indicators. It is suggested to use it in conjunction with MACD signals and a 9 ema smooth of the OBTR. The proximity</p><p>parameter that you will find in the settings is how close to either side of the Slow ma in pips you want the OBTR line to come before a</p><p>cross is shown. If set to say 11, this will mean a range of 22 pips will be grayed out. This can serve as a breakout point. Set to a small value often</p><p>shows the end of a retrace in a trend. The maximum setting is designed to gray out those areas where the difference between the MA and OBTR exceeds</p><p>your setting. Example is say 126 pips. This may be a point of exhaustion for a breakout and a time to take profit.</p><p>As a very basic set of rules.</p><p>a) Gray: MA close to OBTR: Look for a breakout or trend continuation.</p><p>b) Gray: MA far from OBTR: Take profit or reverse trade.</p><p>c) Blue: Look for an excuse to go long.</p><p>d) Orange: Look for a reason to Short.</p><p>NOTE: The slow MA is a tri color line and if the line is neither Lime or Red but gray, if that happens over say 2 bars, this seems to intimate for eg: the end of an upswing</p><p>in a downtrend.</p><p>I hope that this is a handy addition to your toolbox.</p><p>Cheers</p><p>Brooky</p><p>How to install OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4?</p><ul><br>Download OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4<br>Copy OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4 to your Metatrader Directory / experts / indicators /<br>Start or restart your Metatrader 4 Client<br>Select Chart and Timeframe where you want to test your MT4 indicators<br>Search "Custom Indicators" in your Navigator mostly left in your Metatrader 4 Client<br>Right click on OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4<br>Attach to a chart<br>Modify settings or press ok<br>Indicator OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4 is available on your Chart<br></ul><p>How to remove OBTR On Balance True Range Indicator – indicator for MetaTrader 4.mq4 from your Metatrader Chart?</p><ul><br>Select the Chart where is the Indicator running in your Metatrader 4 Client<br>Right click into the Chart<br>"Indicators list"<br>Select the Indicator and delete<br></ul><p> </p><p>Click here below to download:</p>


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