Box indicator

Hi,

I am wondering if anyone has an indicator that draws a box around x bars with a maximum range of y.

lets say we are on a 1m chart and we set it for 5 bars with a high/low range of 5 (or 50) pips it then draws a box around the five bars that have moved a total of less than 5 pips. The highest high of the 5 bars is within 5 pips of the lowest low.

I am looking to highlight a ranging market so I guess an alert would be nice, but I can live without one.

Thanks in advance

I think there is an indicator called Master Candle that does pretty much what you want. It finds a number of candles engulfed by the First candle, a ranging market. I will try & find it, or do a search, it might be here on FF

Hi Shabs,

Thanks for your post but a master candle is not what I am looking for.

I am looking for an indicator that will highlight a group of candles/bars where the price has ranged for x minutes within y pips. Depending on the time frame of the chart these xy values need to be variable. A variable coloured box would mean that I could have the indi on a chart more than once looking for extra set ups.

I have noticed that quite often there is a nice move after this happens.

Hi,

I was thinking if drawing a box makes it complicated then I can do without that.

To describe what I am looking for exactly would be something like

If the Highest High Value of the past x bars minus the Lowest Low Value of the past x bars is less than Y, then draw a star above last bar.

I think I can code it in Amibroker and Metastock but not Metatrader

Can anyone help me out please