The indicator calculates forecast prices of the daily price range. It shows resistance and support levels of current day using the prices of the previous day. The formulae for calculation of price levels can be found in “The New Science of Technical Analysis” book by Thomas R. DeMark.
The indicator was first implemented in MQL4 and published in CodeBase at mql4.com 11.11.2008.
MT5 Indicator – Download Instructions
DailyRange is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
DailyRange provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install DailyRange.mq5?
- Download DailyRange.mq5
- Copy DailyRange.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on DailyRange.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator DailyRange.mq5 is available on your Chart
How to remove DailyRange.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: