Hi folks.
I'm looking for an indicator that can display whether or not a market is ranging or trending. I realize that there are a number of these types already out there, such as ADX, but I'm hoping to find something that works on a percentage scale or something. The reason being is that I'm doing research on devising my own grid trading system that will have two modes of trade logic: ranging markets, and trending markets. The Volumes indicator that comes standard with MT4 looks like it could do pretty well for this task, but since it doesn't have a percentage scale, deciding on whether the market is ranging or trending would be left to a person's discretion. I don't need the indicators to be dreadfully accurate or anything, just to give me a general idea as to what is happening. I've come across certain indicators in my search such as Volume by Price (
http://www.forexrealm.com/technical-...-by-price.html) but have been unable to find an equivalent for MT4. Any and all help is appreciated. Thanks.