Download True Range Envelopes MT4 Indicator

Cash Back Forex Rebates

True range envelopes indicator is made up of two moving averages. One of these two moving averages is shifted upwards and the other moving average is shifted downwards. This indicator looks similar to classic envelopes indicator but there is an important difference between two. Volatility is considered in calculations of the true range envelopes indicator.

How To Trade With True Range Envelopes

Buy Signal: Go long when prices turn up near the lower band.

(Close your position if price turns down near the upper band or if it crosses back below the moving average)

Sell Signal: Go short when price turns down near the upper band.

(Close your position if price turns up near the lower band or crosses back above the moving average).

[php]

//+——————————————————————+
//| True Range Envelopes.mq4 |
//| Copyright © 2011 |
//| [email protected] |
//+——————————————————————+
#property copyright “Copyright © 2011, [email protected]
#property link “[email protected]
//—- indicator settings
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 Aqua
#property indicator_color2 Aqua
#property indicator_color3 Aqua
//—- indicator parameters ——–
extern int MA_Period = 14;
extern int MA_Shift = 0;
extern int MA_Method = 0;
extern int Applied_Price = 0;
//—–
extern int Period_Ma = 5;
extern int Mode_Ma = 3;
//—- indicator buffers ———-
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double BufferMidle[];
double Buffer1[];
double Buffer2[];
//—-
int ExtCountedBars = 0;
double dDeviation;
//+——————————————————————+
int init()
{
int draw_begin;
string short_name;
//—- drawing settings
IndicatorBuffers(5);
SetIndexStyle(0, DRAW_LINE);
SetIndexStyle(1, DRAW_LINE);
SetIndexStyle(2, DRAW_LINE, STYLE_DOT);
SetIndexShift(0, MA_Shift);
SetIndexShift(1, MA_Shift);
SetIndexShift(2, MA_Shift);
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS));
if(MA_Period<2) MA_Period=14;
draw_begin=MA_Period-1;
//—- indicator short name
IndicatorShortName(“Env(“+MA_Period+”)”);
SetIndexLabel(0,”Env(“+MA_Period+”)Upper”);
SetIndexLabel(1,”Env(“+MA_Period+”)Lower”);
SetIndexDrawBegin(0,draw_begin);
SetIndexDrawBegin(1,draw_begin);
//—- indicator buffers mapping
SetIndexBuffer(0, ExtMapBuffer1);
SetIndexBuffer(1, ExtMapBuffer2);
SetIndexBuffer(2, BufferMidle);
SetIndexBuffer(3, Buffer1);
SetIndexBuffer(4, Buffer2);
//—- initialization done
return(0);
}
//+——————————————————————+
int start()
{
int i, limit;
if(Bars<=MA_Period) return(0);
ExtCountedBars=IndicatorCounted();
//—- check for possible errors
if (ExtCountedBars<0) return(-1);
//—- last counted bar will be recounted
if (ExtCountedBars>0) ExtCountedBars–;
limit=Bars-ExtCountedBars;
//—- EnvelopesM counted in the buffers
for(i = 0; i < limit; i++)
{
dDeviation = iATR(NULL, 0, MA_Period, i) * 2;
//—–
Buffer1[i] = (1 + dDeviation) * iMA(NULL, 0, MA_Period, 0, MA_Method, Applied_Price, i);
Buffer2[i] = (1 – dDeviation) * iMA(NULL, 0, MA_Period, 0, MA_Method, Applied_Price, i);
}
for(i = 0; i < limit; i++)
{
ExtMapBuffer1[i] = iMAOnArray(Buffer1, Bars, Period_Ma, 0, Mode_Ma, i);
ExtMapBuffer2[i] = iMAOnArray(Buffer2, Bars, Period_Ma, 0, Mode_Ma, i);
BufferMidle[i] = (ExtMapBuffer1[i] + ExtMapBuffer2[i]) / 2;
}
//—- done
return(0);
}
//+——————————————————————+

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