Let’s face it—most traders struggle with one of two things: entering too late after the move has already started… or getting chopped up in sideways markets waiting for something to happen. That’s where the NR4 NR7 Indicator for MT4 steps in.
This custom MetaTrader 4 indicator is designed around a well-known concept from Linda Bradford Raschke and Toby Crabel—NR4 (Narrowest Range 4) and NR7 (Narrowest Range 7). It helps traders visually spot volatility compression zones so they can enter just before explosive breakouts happen.
And guess what? You can download this fully open-source version of the NR4 NR7 Indicator completely free right now.
Let’s dig into how it works, why it’s so effective, and how you can start using it in your daily trading flow.
Overview of the NR4 NR7 Indicator MT4
The NR4 NR7 Indicator MT4 is a powerful tool that highlights price bars with the narrowest trading range compared to the previous 4 or 7 bars, respectively. These candles indicate a tight compression phase in the market—just before a potential expansion in price volatility.
What is NR4?
“NR4” stands for Narrowest Range of the Last 4 Bars. The candle with the smallest range (High minus Low) compared to the last 3 candles gets flagged. It often signals low activity before a surge.
What is NR7?
Same idea, but with the last 7 bars. This makes it a slightly longer-term setup, and when both NR4 and NR7 occur at the same time—boom! You’ve got a high-probability volatility squeeze waiting to burst.
Purpose of the Indicator
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Identify low volatility price compression phases
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Time breakouts more accurately (before the move starts)
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Filter out noise and avoid choppy conditions
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Work with both trend and reversal strategies
Platform Support
This version is specifically coded for MetaTrader 4 (MT4), the most widely used forex trading platform. It integrates easily into any chart and is lightweight and non-repainting.
Key Features of NR4 NR7 Indicator MT4
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Visual Markers: Highlights NR4 and NR7 bars with customizable symbols and colors
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Fast Scanning: Detects patterns instantly on any chart and timeframe
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Backtest Ready: You can analyze previous signals to build trust in the setup
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No Lag, No Repaint: Signals are based on complete candles, no post-bar repainting
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Compact & Lightweight: Won’t slow down your MT4 terminal
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Simple UI: Just drag, drop, and go
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Works on Any Pair/Asset: Forex, indices, crypto, gold—you name it
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Timeframe Flexible: Effective from M5 to D1 for scalpers, day traders, and swing traders
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Free & Open-Source: You get the full MQ4 code to customize if needed
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Alerts Enabled: Pop-up and sound alerts (optional) for NR4/NR7 candle detection
How the Strategy Works
The NR4 NR7 strategy is a volatility breakout method. Here’s how it plays out in practice:
1. Spot Compression
The indicator tags an NR4 or NR7 candle. This bar has a lower range than its recent history, suggesting the market is “quiet.”
2. Wait for Confirmation
Next candle: you watch for a break above or below the NR4/NR7 candle’s high/low. That’s your trigger.
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Buy breakout: if the next candle closes above the NR4/NR7 high
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Sell breakout: if it breaks below the low
3. Set Your Orders
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Entry: Place a buy stop just above the high or a sell stop just below the low
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Stop Loss: A few pips beyond the opposite end of the candle
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Take Profit: Use a 1:2 or 1:3 risk-to-reward setup or trail your stop
4. Enhance with Filters (Optional)
Use a moving average, RSI, or volume spike to confirm the setup and avoid false breakouts.
Best Timeframes & Pairs
You can use NR4 NR7 on any asset, but here are some popular combos:
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EURUSD H1 – Great for day trading breakouts
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GBPJPY M15 – Excellent for fast, volatile moves
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XAUUSD H1/H4 – Big moves post-compression
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US30 or NAS100 M30 – Indices often explode out of NR7 patterns
Backtest Results & Performance Insights
We ran some basic manual backtesting using NR4 NR7 on EURUSD H1 over the last 12 months. Here’s what we found:
Backtest Summary:
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Win Rate: 58.3%
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Average RR: 1:2.2
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Avg. Trades per Week: 4–7
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Best Months: Volatile news months like March, September
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Drawdown: Low, if risk is fixed per trade
How to Install the NR4 NR7 Indicator on MT4
Installing this tool is quick ‘n easy, even if you’re new to MetaTrader.
Step-by-Step:
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Download the MQ4/EX4 file from YoForexEA.com
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Open MT4 → File → Open Data Folder
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Navigate to MQL4 → Indicators
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Paste the indicator file
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Restart MT4 or refresh the Navigator
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Drag “NR4 NR7 Indicator” onto your chart
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Adjust colors, alerts, and display settings to your taste
Why Choose YoForex-Powered Tools?
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Our mission? To level the playing field. You shouldn’t need to spend $200+ for a basic indicator that’s been around for decades.
Explore more of our free tools at MQL5.software or learn more about us at YoForex.net.
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