The Daily Range Indicator for MT4 is an essential tool for intraday forex traders. It calculates and displays the average daily range for the current day, as well as the averages for the past 5, 10, and 20 days. The indicator also shows the daily high and low, along with the remaining potential range, helping traders make informed decisions about entry, exit, and stop-loss placement.
Key Features
Average Daily Range: Calculates the daily movement range and provides averages over 5, 10, and 20 days.
Daily High and Low: Clearly displays the high and low of the current day for better trade planning.
Remaining Range (Room Up/Down): Highlights the potential movement left in the day to help set realistic take profit targets.
Automatic Stop Loss Calculation: Suggests stop-loss levels for buy and sell positions based on the user-defined risk-reward ratio.
Timeframe Flexibility: Can be applied to any MT4 timeframe, while always pulling the relevant daily range data.
How It Helps Traders
Provides a visual understanding of current price position within the day’s potential range.
Helps traders estimate realistic take profit targets based on remaining daily range.
Offers insight into market volatility using historical average ranges.
Supports risk management by automatically calculating stop-loss levels.
Ideal for intraday trading strategies, allowing traders to plan trades with higher probability setups.
Conclusion
The Daily Range Indicator for MT4 is a valuable tool for intraday forex traders. By showing the daily high, low, and remaining potential range, it allows traders to make informed decisions on entries, exits, and stop-loss placement. With its built-in risk-reward calculations, the indicator helps maximize profit potential while keeping risk under control.
