Forecasting of Price Range Indicator

Forecasting of Price Range Indicator

The Forecasting of Price Range indicator for MT4 predicts the future price range of the next candlestick.

Categories: Trend, MT4

The Forecasting of Price Range indicator for MetaTrader 4 (MT4) is a forex indicator for trend analysis that predicts the possible price range of future candlesticks. It is one of the technical analysis trading tools developed to help traders predict the direction of the market with better precision.

The indicator paints a red-colored bar on the MT4 chart, projecting the potential direction of the next candlestick. This information, in turn, helps a forex trader to anticipate the direction of price movement and make trading decisions accordingly.

How to Trade with the Forecasting of Price Range Indicator

The above image shows how the Forecasting of Price Range indicator for MT4 predicted the direction of the next candlesticks.

The indicator depicts a potential bullish move if it paints the red bar above the open price of the last candlestick. Similarly, it suggests the possibility of a bearish move if it paints the red bar below the open price of the last candlestick.

Furthermore, the indicator may also be used to identify the potential end of a pullback in the market (as illustrated in the above image). In a downtrend, for instance, a forex trader may anticipate the possible end of a bullish pullback if the indicator paints a red bar opposite the direction of the retracement.

However, the indicator is not recommended to be used as a stand-alone tool to make trading decisions. Therefore, it is best suited for forex traders to use it as a confluence with price action (e.g., bullish/bearish engulfing candlestick, etc.) or any technical indicator before executing/exiting a trade position.

Conclusion
The Forecasting of Price Range indicator is a technical trading tool that gives forex traders a projection of the future market move. Finally, it is free to download.