Daily Range Calculator Indicator

Daily Range Calculator Indicator

The Daily Range Calculator shows average daily range, risk to reward ratio, maximum stop-losses on short and long positions for the pair, and the daily low/high.

The Daily Range Calculator shows key info like average daily range, risk to reward ratio, maximum stop-loss levels for both short and long positions, as well as the daily low and high prices for a particular trading pair.

Although the indicator can be applied to any timeframe, it’s better to use it on longer timeframes.

How to use the Daily Range Calculator for MT4?

The above EUR/USD H4 chart shows the indicator.

The indicator doesn’t show BUY and SELL signals, instead mentions key info.

The average daily range represents the average price movement of a trading pair within a given day. It helps in determining the overall volatility of the trading pair.
The risk to reward ratio helps evaluate the potential gains relative to the potential losses of a trade.
The indicator also determines the maximum stop-loss levels for both short and long positions.
Additionally, the calculator provides traders with the daily low and high prices for the trading pair.
To find the entry and exit points, you can combine the indicator with other indicators like the RSI or Stochastics.

Conclusion
The Daily Range Calculator for MT4 displays key info on the chart. By finding the average daily range, risk to reward ratio, maximum stop-loss levels, and daily low/high prices, it presents an overall picture of the trading pair.