Range_Volume_Ratio – indicator for MetaTrader 5

The indicator shows in a separate window, as a histogram, the candlestick size / tick volume ratios:

  1. Difference between Open and Close;
  2. Difference between High and Low.

The indicator has one input parameter:

  • Calculation type – type of calculations:
    • Open/Close – difference between Open and Close;
    • High/Low – difference between High and Low.

Calculations:

If the calculation type is Open/Close:

RVR[i] = Abs(Open[i] - Close[i]) / Volume[i]

If the calculation type is High/Low:

RVR[i] = (High[i] - Low[i]) / Volume[i]

where:

Volume - the tick volume of the candlestick

Fig.1. Calculations by Open/Close

Fig.1. Calculations by Open/Close

Fig.1. Calculations by High/Low

Fig.1. Calculations by High/Low