The EA searches for a daily range. It uses objects OBJ_HLINE and OBJ_VLINE.
A daily range within Sliding window size days (current bar #0 is not involved in calculations) can be calculated as Highest – Lowest or as a mean value by module Close #i – Close #i+1. Calculation mode is set in Daily range.
The daily range is then used in the calculations of levels Stop Loss and Take Profit:
SL = daily_range * Stop Loss Coefficient
TP = daily_range * Take Profit Coefficient
The daily range is calculated once a day (time Start hour::Start minute) and at the first launch of the EA.
BUY signal:
Price Ask >= Highest of the daily range + daily_range * Offset Coefficient
SELL signal:
Price Bid <= Lowest of the daily range – daily_range * Offset Coefficient
Number of positions opened within the current day shall be limited by parameter Max Positions.
Search for a daily range is visualized using two vertical lines (the limit the search range) and two horizontal lines (that show the lines of position opening signals) :
MT5 Indicators – Download Instructions
Daily Range MT5 Indicator is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.
Daily Range MT5 Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT5 Strategies
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How to install Daily Range MT5 Indicator.mq5 to your MetaTrader 5 Chart?
- Download Daily Range MT5 Indicator.mq5
- Copy Daily Range MT5 Indicator.mq5 to your Metatrader 5 Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your mt5 indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Daily Range MT5 Indicator.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Daily Range MT5 Indicator.mq4 is available on your Chart
How to remove Daily Range MT5 Indicator.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader 5 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Daily Range MT5 Indicator (Free Download)
Click here below to download:
