If you're diving into the world of trading, you might want to get familiar with the BarDuration indicator for MetaTrader 5. This nifty tool displays a subwindow filled with a histogram that showcases the duration of custom bars in minutes. It's particularly useful for those who work with renko boxes, Point and Figure (PnF) charts, equivolume bars, and other custom chart types where the duration of bars isn’t fixed, unlike standard time-based charts.
Now, a little heads-up: MT5 doesn't directly support charts with variable timeframes. Instead, it emulates these custom representations—like renko or equivolume—using standard charts, typically defaulting to the M1 timeframe. This is the smallest timeframe available and offers the highest accuracy for aligning bars on the time axis.
Using this indicator on a regular chart doesn’t offer much value, as it will just display vertical columns of the same height for all bars, which isn’t very insightful.
Inputs
- Directional - This feature lets you choose whether to display a signed or unsigned histogram. By default, it’s set to false (unsigned), meaning all values are absolute. If you enable direction (set it to true), the values will reflect price changes for each corresponding bar, showing positive or negative values.
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