Daily Range Forecast Complete - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource

This indicator considers yesterday's (completed) and today's candlestick parameters to predict the high and low prices of financial assets during the current trading day.

Tomorrow's price range X depends on the ratio of the day's closing price to the opening price.

There are three possible relationships between them:

If Сlose[0] < opening price[0], then Х = (High[1] + Low[1] + Close[1] + Low[1] ) / 2;
If Сlose[0] > Open [0], then Х = (High[1] + Low[1] + Close[1] + High[1]) / 2;
If Сlose[0] = opening[0], then Х = (highest price[1] + lowest price[1] + closing price[1] + closing price[1]) / 2.

Tomorrow's expected low price: Minimum value = X - High price [1].
Expected high price tomorrow: Max = Low[1] - X.

This version of Daily Range Forecast can generate indicators for any chart bar and allows to see a complete picture of market behavior relative to the indicator levels for each bar. Perhaps, the most suitable application area of ​​this indicator is offline strategy analysis.

This indicator is based on the book "Forex in First Person. Suitable for Beginners and Professionals" (А. Vedikhin, G. Petrov, B. Shylov).

Attachment download

📎 dailyrangeprojections_full.mq5 (8.97 KB)

Source: MQL5 #566