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

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

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 = (highest price[1] + lowest price[1] + closing price[1] + highest price[1]) / 2;
If Сlose[0] = Open [0], then Х = (highest price[1] + lowest price[1] + closing price[1] + closing price[1]) / 2.

Tomorrow's expected low price: Min = X - High[1].
Tomorrow's expected high price: Max = Low[1] - X.

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.mq5 (7.35 KB)

Source: MQL5 #565