(T_S_R)range2 _new

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Author: Copyright � 2006, Ogeima
(T_S_R)range2 _new

This script is designed to function as a data dashboard for traders using the MetaTrader platform. Its primary purpose is to analyze "Daily Ranges"—the distance between the highest and lowest prices a currency or asset reaches within a single day—and use that data to calculate potential risk management levels.

Here is a breakdown of how the logic works:

1. Market Context & Data Collection

The script automatically identifies the specific financial instrument you are viewing (e.g., Gold, EURUSD, GBPJPY) and adjusts its calculations to match the correct decimal precision for that market. It then gathers historical data based on daily price movements:

  • Short-term Ranges: It looks at the previous 5 days of trading.
  • Medium-term Ranges: It looks at the previous 10 days of trading.
  • Long-term Ranges: It looks at the previous 20 days of trading.

2. Statistical Averaging

Rather than relying on just one day's data (which can be unpredictable), the script calculates an Average Daily Range. It does this by:

  1. Calculating the average range for the 5, 10, and 20-day periods separately.
  2. Taking the final average of those three figures to create a "smoothed" expectation of how much the market typically moves in a day.

3. Dynamic Room & Risk Calculation

The script compares the current live price against today’s high and low points to determine "Room." This represents how much space is left for the market to move before it hits its typical daily limits:

  • Room UP: The remaining distance toward the average expected range from the bottom.
  • Room DOWN: The remaining distance toward the average expected range from the top.

4. Automated Trade Planning (Stop Loss & R/R)

One of the most functional parts of this script is its ability to suggest trade parameters based on a Risk-to-Reward Ratio (which you can set manually, e.g., 3.0).

  • It takes the "Room" values and divides them by your chosen ratio to suggest a Maximum Stop Loss in pips.
  • It then converts these pips into actual price levels on your screen, showing you exactly where to place your Stop Loss for both "Long" (buying) and "Short" (selling) positions.

5. Visual Dashboard

Instead of making you do any of this math manually, the script generates a clean, color-coded text dashboard on your chart. At a glance, it displays:

  • Current Stats: The current price, today's high, and today's low.
  • Historical Comparison: The ranges for the last 1 day, 5 days, and the average range.
  • Actionable Data: The calculated "Room" up and down, your suggested Stop Loss prices, and your chosen Risk/Reward ratio.

In short, this tool takes raw historical volatility and turns it into a real-time roadmap, helping you see where the market is likely to go and providing specific price targets for managing your risk.

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
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0 Downloads
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(T_S_R)range2 _new 
//+------------------------------------------------------------------+
//|                             #(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;
    int      TodayRange=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;
   TodayRange = (iHigh( NULL,PERIOD_D1,0)-iLow(NULL,PERIOD_D1,0))/Point;
   R5 = R5/5;
   R10 = R10/10;
   R20 = R20/20;
   RAvg  =  (R5+R10+R20)/3;    

   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;


   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","Av.Daily Range:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR2", OBJPROP_CORNER, 0);
        ObjectSet("TSR2", OBJPROP_XDISTANCE, 140);
        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, 250);
        ObjectSet("TSR3", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR120", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR120","TODAY:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR120", OBJPROP_CORNER, 0);
        ObjectSet("TSR120", OBJPROP_XDISTANCE, 280);
        ObjectSet("TSR120", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR121", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR121",DoubleToStr(TodayRange ,0),12, "Arial Bold", Orange);
        ObjectSet("TSR121", OBJPROP_CORNER, 0);
        ObjectSet("TSR121", OBJPROP_XDISTANCE, 330);
        ObjectSet("TSR121", 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","Room UP:", 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(RoomUp,0),12, "Arial Bold", Orange);
        ObjectSet("TSR9", OBJPROP_CORNER, 0);
        ObjectSet("TSR9", OBJPROP_XDISTANCE, 290);
        ObjectSet("TSR9", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR10", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR10","Room DN:", 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(RoomDown,0),12, "Arial Bold", Orange);
        ObjectSet("TSR11", OBJPROP_CORNER, 0);
        ObjectSet("TSR11", OBJPROP_XDISTANCE, 290);
        ObjectSet("TSR11", 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, 400);
        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, 400);
        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, 450);
        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, 400);
        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, 450);
        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, 530);
        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, 530);
        ObjectSet("TSR22", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR23", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR23","R/R:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR23", OBJPROP_CORNER, 0);
        ObjectSet("TSR23", OBJPROP_XDISTANCE, 730);
        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, 760);
        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, 670);
        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, 670);
        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, 610);
        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, 610);
        ObjectSet("low2", OBJPROP_YDISTANCE, 2);
                     
         double CURR =iMA(Symbol(),0,1,0,MODE_EMA,PRICE_CLOSE,0);
          double RANGE = (HIDaily-LOWDaily) ; 
       
        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, 670);
        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, 610);
        ObjectSet("high4", OBJPROP_YDISTANCE,35 );
        
       
      
  
   return(0);

}
//+------------------------------------------------------------------+

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