_2523(T_S_R)-Daily Range Calculator

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Author: Copyright � 2006, Ogeima
_2523(T_S_R)-Daily Range Calculator

Overview of the Daily Range Calculator

The Daily Range Calculator is a specialized analytical tool designed for traders using the MetaTrader platform. Its primary purpose is to provide a comprehensive snapshot of historical price volatility and help traders determine potential entry points and risk management parameters (like Stop Loss levels) based on "room" available in the market.

Instead of just showing simple price lines, this script calculates how much a currency pair or asset typically moves over specific periods, allowing you to see if the current market movement is standard or excessive.

Core Logic and Features

1. Historical Volatility Analysis The script automatically scans historical data to calculate the price range (the distance between the highest high and the lowest low) for several distinct timeframes:

  • Single Day: The range of the most recent trading day.
  • Short-term Average (5 Days): The average daily range over the last 5 days.
  • Medium-term Average (10 Days): The average daily range over the last 10 days.
  • Long-term Average (20 Days): The average daily range over the last 20 days.

By averaging these values, the script generates a General Average Day Range, which serves as a benchmark for "normal" behavior for that specific asset.

2. "Room" Calculation One of the most unique features of this script is the "Room Up" and "Room Down" logic. The tool compares the current market price against the calculated average ranges:

  • Room Up: Measures how much further the price can realistically move upward before hitting the limit of its typical daily range.
  • Room Down: Measures how much further the price can realistically move downward.

This helps traders identify "overextended" markets—situations where the price has already moved so far in one direction that it may be reaching the end of its typical daily travel distance.

3. Automated Risk Management (Stop Loss Calculation) The script simplifies trade planning by automatically calculating potential Stop Loss values based on a user-defined Risk-to-Reward Ratio.

  • If you want to aim for a specific reward (e.g., 3 times your risk), the script uses the "Room" data to calculate exactly where your Stop Loss should be placed for both "Long" (buy) and "Short" (sell) positions.
  • It provides the result in Pips, making it easy to quickly input into your trading platform.

4. Dynamic Visual Dashboard Rather than forcing you to do manual math, the script generates a clean, real-time dashboard on your chart. This includes:

  • Live Price Tracking: Displays current prices and daily highs/lows.
  • Summary Data: A clear list of all calculated averages (1, 5, 10, and 20-day ranges).
  • Actionable Stats: Displays the "Room" values and the specific Stop Loss prices in pips for both directions.

Summary for the Trader

This tool takes the guesswork out of volatility. By providing a clear picture of how much an asset usually moves, it allows you to see where the price is likely heading, how much "space" is left in the current trend, and exactly where to place your protective stops to maintain your desired risk profile.

Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
Indicators Used
Moving average indicator
12 Views
0 Downloads
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_2523(T_S_R)-Daily Range Calculator 
/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

//+------------------------------------------------------------------+
//|                             #(T_S_R)-Daily Range Calculator .mq4 |
//|                      Copyright © 2006, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"
#property link      "Data window by cja"
//+------------------------------------------------------------------+
//|                                                   TSR_Ranges.mq4 |
//|                                         Copyright © 2006, Ogeima |
//|                                             ph_bresson@yahoo.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Ogeima"
#property link      "ph_bresson@yahoo.com"

#property indicator_separate_window
//---- input parameters
extern double  Risk_to_Reward_ratio =  3.0;
int nDigits;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
{
IndicatorShortName("TSR");
   if(Symbol()=="GBPJPY" || Symbol()=="EURJPY" || Symbol()=="USDJPY" || Symbol()=="GOLD" || Symbol()=="USDMXN") nDigits = 2;
   if(Symbol()=="GBPUSD" || Symbol()=="EURUSD" || Symbol()=="NZDUSD" || Symbol()=="USDCHF"  ||
   Symbol()=="USDCAD" || Symbol()=="AUDUSD" || Symbol()=="EURUSD" || Symbol()=="EURCHF"  || Symbol()=="EURGBP"
   || Symbol()=="EURCAD" || Symbol()=="EURAUD" || Symbol()=="AUDNZD")nDigits = 4;

   return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   //----
   int R1=0,R5=0,R10=0,R20=0,RAvg=0;
   int RoomUp=0,RoomDown=0,StopLoss_Long=0,StopLoss_Short=0;
   double   SL_Long=0,SL_Short=0;
   double   low0=0,high0=0;
   string   Text="";
   int i=0;

   R1 =  (iHigh(NULL,PERIOD_D1,1)-iLow(NULL,PERIOD_D1,1))/Point;
   for(i=1;i<=5;i++)
      R5    =    R5  +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
   for(i=1;i<=10;i++)
      R10   =    R10 +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
   for(i=1;i<=20;i++)
      R20   =    R20 +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;

   R5 = R5/5;
   R10 = R10/10;
   R20 = R20/20;
   RAvg  =  (R1+R5+R10+R20)/4;    

   low0  =  iLow(NULL,PERIOD_D1,0);
   high0 =  iHigh(NULL,PERIOD_D1,0);
   RoomUp   =  RAvg - (Bid - low0)/Point;
   RoomDown =  RAvg - (high0 - Bid)/Point;
   StopLoss_Long  =  RoomUp/Risk_to_Reward_ratio;
   SL_Long        =  Bid - StopLoss_Long*Point;
   StopLoss_Short =  RoomDown/Risk_to_Reward_ratio;
   SL_Short       =  Bid + StopLoss_Short*Point;


   Text =   "Average Day  Range: " +  RAvg + "\n"  + 
            "Prev 01  Day  Range: " +  R1   + "\n" + 
            "Prev 05  Days Range: " +  R5   + "\n" + 
            "Prev 10  Days Range: " +  R10  + "\n" +
            "Prev 20  Days Range: " +  R20  + "\n";
   Text =   Text +
            "Room Up:     " + RoomUp              + "\n" +
            "Room Down: " + RoomDown            + "\n" +
            "Maximum StopLosses :"  + "\n" +
            "Long:  " + StopLoss_Long  + " Pips at " + DoubleToStr(SL_Long,nDigits)  + "\n" +
            "Short: " + StopLoss_Short + " Pips at " + DoubleToStr(SL_Short,nDigits) + "\n" ;

   Comment(Text);
  
   string P=Period();
  
   
        ObjectCreate("TSR", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR",StringSubstr(Symbol(),0),12, "Arial Bold", CadetBlue);
        ObjectSet("TSR", OBJPROP_CORNER, 0);
        ObjectSet("TSR", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR1", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR1",StringSubstr(P,0),12, "Arial Bold", CadetBlue);
        ObjectSet("TSR1", OBJPROP_CORNER, 0);
        ObjectSet("TSR1", OBJPROP_XDISTANCE, 100);
        ObjectSet("TSR1", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR2","Average Daily Range:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR2", OBJPROP_CORNER, 0);
        ObjectSet("TSR2", OBJPROP_XDISTANCE, 150);
        ObjectSet("TSR2", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR3", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR3",DoubleToStr(RAvg ,0),12, "Arial Bold", Orange);
        ObjectSet("TSR3", OBJPROP_CORNER, 0);
        ObjectSet("TSR3", OBJPROP_XDISTANCE, 300);
        ObjectSet("TSR3", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR4","Prev 01 Day Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR4", OBJPROP_CORNER, 0);
        ObjectSet("TSR4", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR4", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR5", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR5",DoubleToStr(R1,0),12, "Arial Bold", Orange);
        ObjectSet("TSR5", OBJPROP_CORNER, 0);
        ObjectSet("TSR5", OBJPROP_XDISTANCE, 160);
        ObjectSet("TSR5", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR6", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR6","Prev 05 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR6", OBJPROP_CORNER, 0);
        ObjectSet("TSR6", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR6", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR7", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR7",DoubleToStr(R5,0),12, "Arial Bold", Orange);
        ObjectSet("TSR7", OBJPROP_CORNER, 0);
        ObjectSet("TSR7", OBJPROP_XDISTANCE, 160);
        ObjectSet("TSR7", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR8", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR8","Prev 10 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR8", OBJPROP_CORNER, 0);
        ObjectSet("TSR8", OBJPROP_XDISTANCE, 220);
        ObjectSet("TSR8", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR9", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR9",DoubleToStr(R10,0),12, "Arial Bold", Orange);
        ObjectSet("TSR9", OBJPROP_CORNER, 0);
        ObjectSet("TSR9", OBJPROP_XDISTANCE, 355);
        ObjectSet("TSR9", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR10", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR10","Prev 20 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR10", OBJPROP_CORNER, 0);
        ObjectSet("TSR10", OBJPROP_XDISTANCE, 220);
        ObjectSet("TSR10", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR11", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR11",DoubleToStr(R20,0),12, "Arial Bold", Orange);
        ObjectSet("TSR11", OBJPROP_CORNER, 0);
        ObjectSet("TSR11", OBJPROP_XDISTANCE, 355);
        ObjectSet("TSR11", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR12", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR12","Room UP:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR12", OBJPROP_CORNER, 0);
        ObjectSet("TSR12", OBJPROP_XDISTANCE, 420);
        ObjectSet("TSR12", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR13", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR13",DoubleToStr(RoomUp,0),12, "Arial Bold", Orange);
        ObjectSet("TSR13", OBJPROP_CORNER, 0);
        ObjectSet("TSR13", OBJPROP_XDISTANCE, 490);
        ObjectSet("TSR13", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR14", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR14","Room DN:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR14", OBJPROP_CORNER, 0);
        ObjectSet("TSR14", OBJPROP_XDISTANCE, 420);
        ObjectSet("TSR14", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR15", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR15",DoubleToStr(RoomDown,0),12, "Arial Bold", Orange);
        ObjectSet("TSR15", OBJPROP_CORNER, 0);
        ObjectSet("TSR15", OBJPROP_XDISTANCE, 490);
        ObjectSet("TSR15", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR16", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR16","Maximum StopLosses;",10, "Arial Bold", CadetBlue);
        ObjectSet("TSR16", OBJPROP_CORNER, 0);
        ObjectSet("TSR16", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR16", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR17", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR17","Long:             Pips at", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR17", OBJPROP_CORNER, 0);
        ObjectSet("TSR17", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR17", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR18", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR18",DoubleToStr(StopLoss_Long,0),12, "Arial Bold", Orange);
        ObjectSet("TSR18", OBJPROP_CORNER, 0);
        ObjectSet("TSR18", OBJPROP_XDISTANCE, 600);
        ObjectSet("TSR18", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR19", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR19","Short:             Pips at", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR19", OBJPROP_CORNER, 0);
        ObjectSet("TSR19", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR19", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR20", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR20",DoubleToStr(StopLoss_Short,0),12, "Arial Bold", Orange);
        ObjectSet("TSR20", OBJPROP_CORNER, 0);
        ObjectSet("TSR20", OBJPROP_XDISTANCE, 600);
        ObjectSet("TSR20", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR21", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR21",DoubleToStr(SL_Long,nDigits),12, "Arial Bold", SteelBlue);
        ObjectSet("TSR21", OBJPROP_CORNER, 0);
        ObjectSet("TSR21", OBJPROP_XDISTANCE, 690);
        ObjectSet("TSR21", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR22", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR22",DoubleToStr(SL_Short,nDigits),12, "Arial Bold",SteelBlue);
        ObjectSet("TSR22", OBJPROP_CORNER, 0);
        ObjectSet("TSR22", OBJPROP_XDISTANCE, 690);
        ObjectSet("TSR22", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR23", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR23","Risk to Reward Ratio:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR23", OBJPROP_CORNER, 0);
        ObjectSet("TSR23", OBJPROP_XDISTANCE, 350);
        ObjectSet("TSR23", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR24", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR24",DoubleToStr( Risk_to_Reward_ratio ,0),12, "Arial Bold", Orange);
        ObjectSet("TSR24", OBJPROP_CORNER, 0);
        ObjectSet("TSR24", OBJPROP_XDISTANCE, 500);
        ObjectSet("TSR24", OBJPROP_YDISTANCE, 2);
        
     
        double HIDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_HIGH,PRICE_HIGH,0);
        double LOWDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_LOW,PRICE_LOW,0); 
        double YEST_HIDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_HIGH,PRICE_HIGH,1);
        double YEST_LOWDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_LOW,PRICE_LOW,1); 
   
        ObjectCreate("high", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high",DoubleToStr(HIDaily,Digits), 12, "Arial Bold", Orange);
        ObjectSet("high", OBJPROP_CORNER, 0);
        ObjectSet("high", OBJPROP_XDISTANCE, 890);
        ObjectSet("high", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("high2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high2","DailyHigh", 9, "Arial Bold", CadetBlue);
        ObjectSet("high2", OBJPROP_CORNER, 0);
        ObjectSet("high2", OBJPROP_XDISTANCE, 890);
        ObjectSet("high2", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("low", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low",DoubleToStr(LOWDaily,Digits), 12, "Arial Bold", Orange);
        ObjectSet("low", OBJPROP_CORNER, 0);
        ObjectSet("low", OBJPROP_XDISTANCE, 830);
        ObjectSet("low", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("low2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low2","DailyLow", 9, "Arial Bold", CadetBlue);
        ObjectSet("low2", OBJPROP_CORNER, 0);
        ObjectSet("low2", OBJPROP_XDISTANCE, 830);
        ObjectSet("low2", OBJPROP_YDISTANCE, 2);
        
         double CURR = iMA(Symbol(),0,1,0,MODE_EMA,PRICE_CLOSE,0);
   
           
        ObjectCreate("high3", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high3",DoubleToStr(CURR,Digits), 12, "Arial Bold", Coral);
        ObjectSet("high3", OBJPROP_CORNER, 0);
        ObjectSet("high3", OBJPROP_XDISTANCE, 890);
        ObjectSet("high3", OBJPROP_YDISTANCE,35 );
            
        ObjectCreate("high4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high4",DoubleToStr(CURR,Digits), 12, "Arial Bold", Coral);
        ObjectSet("high4", OBJPROP_CORNER, 0);
        ObjectSet("high4", OBJPROP_XDISTANCE, 830);
        ObjectSet("high4", OBJPROP_YDISTANCE,35 );
        
        ObjectCreate("low4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low4","T/Day", 9, "Arial ", LightSteelBlue);
        ObjectSet("low4", OBJPROP_CORNER, 0);
        ObjectSet("low4", OBJPROP_XDISTANCE, 790);
        ObjectSet("low4", OBJPROP_YDISTANCE, 20);
        ObjectCreate("low5", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low5","Price", 9, "Arial ", LightSteelBlue);
        ObjectSet("low5", OBJPROP_CORNER, 0);
        ObjectSet("low5", OBJPROP_XDISTANCE, 790);
        ObjectSet("low5", OBJPROP_YDISTANCE, 37);
   
   


   return(0);
  }
//+------------------------------------------------------------------+

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