wd.Range_DailyAvg - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

This MT5 custom indicator is called "wd.Range_DailyAvg.mq5".
The basic idea is based on Ogeimais' MT4 indicator "TSR_Ranges.mq4".

It is designed to calculate the "average daily range" (ADR) based on 20 days of historical upper and lower price data.
The main purpose of this indicator is to estimate today's price movement and help traders identify potential profit opportunities today based on historical price ranges.

The indicator works as follows:

Input parameters:
Display average range information:
This input parameter controls whether average range information is displayed on the upper left chart.

Today’s price area color:
The color of the rectangle representing the estimated price area for the day.
Users can also select the border style and its width.

Estimated prize areas today:
This allows the user to select an anchor point for the estimated price area.
Users can choose "Room_up" or "Room_down" based on market trends.

The number within the rectangle shows the average daily range (ADR). ADR is calculated based on the previous day's range, the average of 2-day, 5-day, 10-day and 20-day periods.
Be sure to check the 'Show Object Description' option in the MT5 chart properties.

If the user believes that today's trend is up and wants to estimate how many pips it might take for the price to move, the user can set "Estimated Today's Prize Area" to "Room_up". In this case, the rectangle will determine today's lowest price and set the highest price based on the ADR.


Overall, this indicator helps users estimate the potential price movement for the day based on 20 days of historical data and market trends.
Depending on the chosen anchor (Room_up or Room_down), it shows potential profit-taking or buy/sell price levels.
This indicator visually represents estimated price areas in the form of colored rectangles on the chart, making it easier for users to make trading decisions.


Version history:
----------------
v2.23: initial version

Attachment download

📎 wd.range_dailyavg.mq5 (20.08 KB)

Source: MQL5 #47117