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.

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About ranging market we may see here: Forex Market Conditions, a graphic depiction

1. Personally I am using MTF_AbsoluteStrength indicator with H1 settings for M5 timeframe: original thread with indicators, live trading results and images; how to use indicator (rules): read all the pages starting from this page till this one. The rules for ranging market is the following: if the indicator is showing uprend and downtrend in the same time so it is ranging market.

2. Besides i am using Ichimoku indicator but it is personaly.

Everybody may select any way to estimate the ranging or trading market.

3. Some people are using trendlines with support/resistance. The other people are using some moving averages indicators instead of support/resistance to estimate market condition.

4. Woodie's choppy zone indicator: many choppy zone indicators from Igorad; original thread.
Meaning of the color in some Igorad's indicators:
MediumBlue: Strong UpTrend.
Crimson: Strong DownTrend
DodgerBlue: Retrace UpTrend
Tomato: Retrace DownTrend
LightBlue: Choppy UpTrend
Orange: Choppy DownTrend
Aqua: Be ready to change UpTrend
Yellow: Be ready to change DownTrend

5. SideWinder for CCI: My first release: original thread by FX-Sniper.

6. Jurik Woodie CCI: indicators are here.

7. CCI Filter: original thread with indicators and full explanation.

8. Indicator That Isolates SIDEWAYS Market: original thread; small indicator's collection with images.

9. Evaluation of the market condition using six SMA indicators: original public thread.

And so on.
There are many other ways to estimate ranging/trending market or market condition.

hi ryanklefas

I had the same idea. what you found for you that works in that way?
appriate your comments.

regards
lodol

There's volume of the market and there's volume of the broker, do you know which one your broker feeds you? We need to know volume at the broker since that is what we are trading. I think usually they feed you volume for all forex trading.

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Hi Mate

Nittany just created an ADX indicator that does exactly as you wish. Go to the 'ToR 1.02 - Trending or Ranging' thread and download it.
Don't ask me whether it's fantastic, I have only sighted it but it looks as though he put some thought in and it interprets ADX moves on MTF's well.

At the end of the day, nothing beats good old trader experience and manually sighting the chart. A few trend lines here and there will quickly tell you what is going on. You are going to be hard put to find a single indicator that will match all your particular needs.....and I mean close to impossible if you expect and EA to coldly follow it without trader interpretation.

If, youre looking at grids (yikes) then you want to set up something fluid that will adjust with market volatility. Quiet days will see ranging in a 50 pip consolidation that would be well suited to grids spaced very close together. However if the market runs away, the grid and increments between orders needs to grow otherwise you are going to be burned with multiple lots facing the wrong way.
A method of 'auto adjusting' would be by use of Murrey Math as this will change Octave height according to set period range.

All the best with it.

FxN