Optimum Buy/Sell Potential With Daily Range Calculator Indicator

Optimum Buy/Sell Potential With Daily Range Calculator Indicator - Many traders look for the average daily price movement (daily range) to support market analysis, because they want to predict how much the optimum profit target and stop loss should be determined in trading activities every day.

Every one of those points and ticks is worth it. What a shame if there is a potential profit of 100 pips, but your target is only 50 pips, right!?

For that, you can't just take advantage of the usual indicators that already exist (built-in) in Metatrader, but also the Daily Range Calculator indicator.

Daily Range Calculator indicator description

The Daily Range Calculator indicator calculates and displays a range of price movements starting from the first day, a week's movement, 2 weeks' movement, to a journey 1 month ago.

Indicator users will know the average range of movement in various time frames, then use it to predict the average movement for a particular day. Apart from that, the Daily Range Calculator indicator also displays some more multifunctional info regarding the daily price range.

Overall, the Daily Range Calculator has the following functions:

Average Daily Range: The average range of price movements today.

Prev 1, 5, 10, 20 Day Range : Calculates and displays the average price range of the previous 1, 5, 10 and 20 trading days. Remember, currency trading days are only Monday-Friday, so the distance of 20 trading days ago covers a full month.

Room UP/Room Down: Projection of how far the potential price increase/decrease is from the current position point.

Risk to Reward Ratio: The best RR projection for trader risk management in today's trading.

Maximum Stop Losses: Projection that can be used as a reference for maximum Stop Loss (SL) for buy (Long) and short (Short) positions for today on the relevant currency pair.

Daily Low : The lowest price that has been touched on the day.

Daily High : The highest price that has been reached on this day.

The various information above will run dynamically, constantly changing according to the latest range of price movements. Traders can use it to develop a trading plan, but should also understand that the numbers can change from time to time.

Read Also:

How To Install Daily Range Calculator For Metatrader4

Download the indicator in the following link to your PC/laptop: Daily Range Calculator (17 kb).

Open MT4. On the toolbar, click "File", then "Open Data Folder". Look for the indicator file that was downloaded earlier, then copy the file.

Go back to the Metaquotes terminal folder, then look for the "indicators" folder (maybe it's immediately visible outside, maybe in the MQL4 folder), and paste the file in the "indicators" folder.

Close the data folder window, close the MT4 platform.

Reopen the MT4 platform. In the Navigator section, check the "indicators" menu, the Daily Range Calculator indicator should already be there.

Open the chart for the desired pair and timeframe, then click and drag the Daily Range Calculator from the navigator onto the chart.

Info on price movement ranges and others from the Daily Range Calculator indicator will appear directly above the chart. You can customize the settings first, or directly use it for trading based on the default settings.

Use of the Daily Range Calculator

The Daily Range Calculator indicator is an Indicator Tool, especially as a provider of information regarding the range of daily average price movements. Indicators can be used as reference information more quickly and in detail.

Without you calculating, without you doing the calculations, the indicators can provide updates at any time. For those of you who like analysis by using the daily average as one of the prediction materials, it's mandatory to have the Daily Range Calculator Indicator.

This indicator is suitable for use when price movements are very fast, namely trending or volatile market conditions. You can also use it to harvest profits from the ranging (sideways) market conditions that form afterwards.

By remembering the known average, you can make transactions as soon as the price movement has started to saturate.

Apart from waiting for the saturation point area, you can also use range calculations to find out the trend of price movements based on Room UP/Room Down observations.

However, its use must be complemented by other technical indicators to confirm the validity of the most prospective price movement direction.