Daily Range Indicator

Daily Range Indicator

Daily Range indicator for MT4 helps forex traders to identify the average daily range for a currency pair and place a buy or sell trade.

The Daily Range indicator for MT4 provides average daily range of the current day and also an average of past 5, 10 and 20 days average range. Additionally, it shows the daily high and low and the remaining average range for the day. As a result, forex traders can place trading positions well within the average daily range.

Additionally, the indicator automatically calculates the stop loss for both buy and sells positions with a risk reward ratio as set in the input settings. Though traders can place the indicator on any chart time frame time it pulls the average daily range. The indicator provides the intraday forex trader with a visual understanding of the current market in terms of the current price. And also the potential price movement for a given trading day.

Daily Range Indicator for MT4 Trade Setup

The indicator provides all the data in the separate indicator window. The important feature is the room up and room down, this provides the potential price move left for the day. So traders can place their potential take profit targets within this range, This increases the potential of hitting the take profit.

The average days range helps to understand the volatility as it’s calculated for 5, 10 and 20 days. Traders can use the risk reward ratio and place the stop loss which is automatically calculated by the indicator.

Conclusion
In summary, the Daily Range indicator for MT4 helps intraday forex traders to understand if the pair can hit the take profit point in a given day.