Constant Range Bars EA
The Constant Range Bars EA will let you use this new technique to show price in your charts. On a Constant Range Bars (CRB) chart, all the bars have a range (difference between the high and the low) that is a fixed amount of pips.
That way the bars won't be drawn based on time (1 minute, 5 minutes, 15 minutes, 1 hour, etc) but simply on price action. That is what is called "taking time out of the equation".
Using Constant Range Bars charts will help you filter false signals from a ranging market. You can use them with most of your indicators and EAs also (all those that refer to bars and not to time).
Note that the Constant Range Bars EA is an expert advisor, but it doesn't trade for you. It is simply a new way to look at charts. A way that you surely won't leave after you have tried it for a while, with your preferred indicators and trading systems.
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Click Here To Download The Constant Range Bars EA Installer
Click Here To Download The Constant Range Bars EA Manual
Click on the image below to watch the video:
Installation and Configuration Steps
To install the Constant Range Bar, download the "Constant Range Bars v1.exe" file.
Run it and here's what you'll see:
Read the agreement and then select "I accept the agreement". Click "Next".
The installer will look for all the Metatrader 4 platforms that you have installed on your PC. Select the ones you want the Constant Range Bars EA to be installed. If the directory of your MT4 platform is not listed you can add it manually using the "Add a MetaTrader folder" button.
This is a recap of what the installer is going to do. Click "Next" to start the installation.
Once the installation is done click "Next" again.
Now you can decide if you want to run one of your MT4 platforms immediately after the installer exits or not. In any case click "Finish" to end the installation process.
When MT4 is ready, open a 1M chart of a currency pair that you want to use with CRBs. Note that the EA can be applied to 1M charts only!
Once you have the 1M chart open, apply the "Constant Range Bars" EA that is under the "Expert Advisors" section in the Navigator window. To do so you can simply double click it, or drag & drop it into the chart.
In the "Common" tab make sure that those 4 options are checked, in particular the "Allow DLL imports" one.
In the "Inputs" tab you have 3 options:
PIPs_Range (default 10)
This is the size of the bars. If you want "faster" bars you can choose low values (like 5 for example). If you want slower bars you can choose higher values (like 20 or more). The default setting is 10 pips but a good tested value is 15 pips.
Note that the EA automatically adapts to 4 or 5 digits brokers so you don't have to multiply that number by 10 in case of a 5 digits broker
TF_for_new_chart (default 2)
This is the timeframe used for the offline chart that is going to be used to show the constant range bars. This has nothing to do with time. So if you choose 2, doesn't mean that the bars that will be shown will be 2 minutes bars. The constant range bars are totally independent from the time factor.
If you decide to have more CRB charts opened for the same currency pair, for example because you want to have 5 pips and 15 pips range charts opened at the same time, use DIFFERENT values for the TF_for_new_chart. For example you may choose 2 for the 5 pips and 3 for the 15 pips.
This is important otherwise the charts will overwrite data each other.
Hide_Instructions (default false)
This option give you let you enable/disable the on screen instructions.
The instructions will guide you step by step on what you need to do to display the CRB chart.
Here's an example of what they look like:
It is important that you DON'T CLOSE this chart.
You can hide it, but if you close it, the CRB chart won't update in real time anymore.
To open the CRB chart, go the "File" menu and choose "Open Offline".
Select the currency pair you have chosen and the time frame you have in the "TF_for_new_chart " option of the EA (default is 2). Click "Open".
The CRB chart will display. You can verify that every bar has a range (difference between the High and the Low) of the number of pips you set in the "PIPs_Range" option (by default 10 pips).
You can apply to it all your usual indicators. At least all those that don't depend on time constants. Same things applies to Expert Advisors. Some EAs can work with CRB charts as well as with time based charts.
Enjoy your new charts,