# Quantile bands – generalized – indicator for MetaTrader 5

• Currency pairs: Any pairs, indices and metals
• Trading Time: Around the clock
• Recommended broker: icmarkets, XM
• Quantile bands – that are using the following quantile(s) for calculation.

In statistics and the theory of probability, quantiles are cutpoints dividing the range of a probability distribution
into contiguous intervals with equal probabilities, or dividing the
observations in a sample in the same way. There is one less quantile
than the number of groups created. Thus quartiles
are the three cut points that will divide a dataset into four
equal-size groups (cf. depicted example). Common quantiles have special
names: for instance quartile, decile (creating 10 groups: see below for
more). The groups created are termed halves, thirds, quarters, etc.,
though sometimes the terms for the quantile are used for the groups
created, rather than for the cut points.

qQuantiles are values that partition a finite set of values into q subsets of (nearly) equal sizes. There are q − 1 of the q-quantiles, one for each integer k satisfying 0 < k < q. In some cases the value of a quantile may not be uniquely determined, as can be the case for the median
(2-quantile) of a uniform probability distribution on a set of even
size. Quantiles can also be applied to continuous distributions,
providing a way to generalize rank statistics to continuous variables. When the cumulative distribution function of a random variable is known, the q-quantiles are the application of the quantile function (the inverse function of the cumulative distribution function) to the values {1/q, 2/q, …, (q − 1)/q}.

But wit a deviation and “generalized”.

All the “bands” version of quantile
bands are using 3 prices. This version is not. It is suing only one
price, and for having an option to make a (substantial) difference
between high and low, you can chose the period for finding out high and
low value(s). But even without that (when the high/low period is set to
<=1) the bands calculation itself does the job OK, and in most of the
cases there is no need at all to have high/low period activated at all. The reason for the “generalized in the name:

This
indicator can be applied to any other indicator too. So, it does not
necessarily need to be applied to prices. And some of the usage like
that (just a quick example of quantile bands applied to rsi and
stochastic) can give quite interesting results.

• How to install MT5 indicator?
• 1. On the desktop, double-click to open the MT45 trading platform software you installed.
• 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
• 3. Copy the metrics you need to install to the Indicators folder
• 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
• 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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