Candle Range in Pips Indicator for MT4 and MT5

Written by Dominic Walsh · Published 4 Aug 2026 · Last updated 9 Sep 2026

How big was that candle? The candle range in pips indicator answers directly, in pips. Every bar’s high minus low fills a histogram, a gold line carries the twenty-bar average, and a second colour flags anything unusually large. A corner panel repeats the figures as text.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 0)
Plots	4: Range (pips), Wide Range (pips), Average Range, Widest Recent Range
Alerts	popup, push notification, email, sound
Inputs	18

What the Candle Range in pips Indicator draws on the chart

Two histograms and two lines, in a pane.

`Range (pips)` fills steel blue at width 3.

`Wide Range (pips)` fills orange red instead.

`Average Range` runs gold at width 2.

`Widest Recent Range` runs medium orchid.

A panel prints the same figures as text.

• Range (pips): histogram, steel blue, width 3
• Wide Range (pips): histogram, orange red, width 3
• Average Range: line, gold, width 2
• Widest Recent Range: line, medium orchid, width 1

How the Candle Range in pips Indicator calculates its values

Converting to pips

The digit count decides the divisor. On a five-digit quote a pip is ten points, on a four-digit one it is a single point. Every range gets divided accordingly.

Two reference lines

`InpAvgPeriod` `20` averages recent ranges into the gold line. `InpMaxLookback` `100` finds the widest single bar in that longer window for the orchid one.

Flagging the big ones

`InpWideMult` `1.5` times the average is the threshold. Anything at or above it fills the orange red buffer instead of the blue one.

How to read the signals

Column height is the bar’s range in pips.

So orange red columns are unusually large bars.

Meanwhile the gold line shows what normal looks like now.

Above that, the orchid line marks the biggest bar in a hundred.

But a rising gold line means conditions are picking up.

Finally the panel repeats the numbers if the pane is small.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` heads the wide-bar alerts and starts true with `EnablePopup`. Turn on `EnablePushNotify` for a phone, `EnableEmail` for mail, or `EnableSound` to play `SoundFile`. Wide bars report once each.

Every Candle Range in pips Indicator input

Core settings

Setting	What it does	Default
InpAvgPeriod	Average range period (bars). Bars in the average, `20`.	20
InpMaxLookback	Widest-range lookback (bars). Bars searched for the widest, `100`.	100
InpWideMult	Wide bar = multiplier * average range. Multiple that flags a bar, `1.5`.	1.5
InpX	Panel X offset (px).	16
InpY	Panel Y offset (px) – clears the one-click panel.	120

Display settings

Setting	What it does	Default
InpShowPanel	Show the pip readout on the price chart. Show the readout, `true`.	on
InpCorner	Panel corner (0=UL 1=UR 2=LL 3=LR). Which corner, `0`.	0
InpFontSize	Panel font size. Panel text size, `9`.	9
InpFont	Panel font. Panel typeface, `”Consolas”`.	Consolas
InpPanelBg	Panel background.	RGB 14,20,26
InpBorderColor	Panel border.	slate gray
InpTextColor	Panel text.	gainsboro

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch, `true`.	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	Mail on a wide bar, `false`.	off
EnableSound	(see inputs panel)	off
SoundFile	Which clip plays, `”alert.wav”`.	alert.wav

Settings that fit your chart

Pips make the reading comparable between symbols, which is the whole point. EURUSD H1 is the reference chart. Wide bars there mark news. On M5 the columns are tiny. On daily bars each column is a session’s whole range.

When the Candle Range in pips Indicator fails

Range says nothing about direction.

Also a twenty-bar average shifts after one huge bar.

Pip conversion assumes a standard quote format.

Worse, a gap between bars never shows as range.

Copy the compiled Candle Range in pips Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Range Trading Strategy.

Download the Candle Range in pips Indicator for MT4 and MT5

The zip holds the compiled Candle Range in pips Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

How does the tool convert a range into pips?

By checking the digit count of the symbol. A five or three digit quote means a pip is ten points, otherwise it is one, and every high minus low gets divided by that figure before plotting.

What does InpWideMult 1.5 flag?

Any bar whose range reaches one and a half times the twenty-bar average. Those columns switch to orange red, which makes an unusual bar visible without reading the numbers off the scale.

What is the Widest Recent Range line for?

Context. It marks the single largest bar in the last hundred, so you can see how today’s biggest column compares with the biggest one of the past few days rather than just the average.

Does InpShowPanel add anything the plots lack?

Precision. The histogram shows relative size well but exact figures are hard to read off a small pane, and the panel prints the current range, the average and the widest as plain numbers.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Candle Range in pips Indicator as one input. Always backtest before trading live.