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How to forex tester 3 range charts?

Forex Tester 3 is a popular software that allows traders to practice and test their strategies without risking real money. One of the features of Forex Tester 3 is the ability to use range charts, which can be a powerful tool for analyzing price action and identifying trading opportunities. In this article, we will explain how to use range charts in Forex Tester 3.

What are range charts?

Range charts are a type of chart that displays price action in a different way than traditional candlestick or bar charts. Instead of showing the time-based price movements, range charts show the price movements within a specified range of price movement. For example, a range chart may show the price movements during a 10-pip range. This means that each bar on the range chart represents a 10-pip price range, regardless of how long it takes for that range to occur.

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Range charts can be useful for traders who want to focus on price action and eliminate the noise of time-based charts. Range charts can also help traders identify trends and support and resistance levels more easily.

How to use range charts in Forex Tester 3

Step 1: Open Forex Tester 3 and select a currency pair

To use range charts in Forex Tester 3, you first need to open the software and select a currency pair. To do this, go to the “Data Center” tab and select the currency pair you want to trade. You can also import your own historical data if you have it.

Step 2: Create a new project

Once you have selected a currency pair, you need to create a new project. To do this, go to the “File” menu and select “New Project”. You can give your project a name and select the time frame you want to use. For range charts, you can select any time frame, but it is recommended to use a smaller time frame like 5 or 15 minutes.

Step 3: Open the chart window

After you have created a new project, you need to open the chart window. To do this, go to the “Charts” menu and select “New Chart”. You can select the currency pair and time frame you want to use for the chart.

Step 4: Select the range bar type

Once you have opened the chart window, you need to select the range bar type. To do this, right-click on the chart and select “Properties”. In the properties window, select “Range Bars” as the chart type. You can then set the range size you want to use. For example, if you want to use a 10-pip range, you would set the range size to 10.

Step 5: Analyze the range chart

After you have set up the range chart, you can start analyzing it. Range charts can be used to identify trends, support and resistance levels, and trading opportunities. With range charts, you can focus on price action and eliminate the noise of time-based charts.

Conclusion

Range charts can be a powerful tool for traders who want to focus on price action and eliminate the noise of time-based charts. Forex Tester 3 allows traders to use range charts to practice and test their strategies. By following the steps outlined in this article, you can start using range charts in Forex Tester 3 and improve your trading skills.

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