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2011.11.21 15:26
Indicators

Daily Range Projections - indicator for MetaTrader 5

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The indicator forecasts high and low price values of a financial asset considering yesterday's (completed) and today's day candlesticks parameters.

Tomorrow's price range X depends on the current day Close and Open prices ratio.

Three relations are possible among them:

if Сlose[0] < Open [0], then Х = (High[1] + Low[1] + Close[1] + Low[1] ) / 2;
if Сlose[0] > Open [0],
then Х = (High[1] + Low[1] + Close[1] + High[1]) / 2;
if Сlose[0] = Open [0],
then Х = (High[1] + Low[1] + Close[1] + Close[1]) / 2.

where:

  • Open[0], High[0], Low[0], Close[0] - current day prices;
  • Open[1], High[1], Low[1], Close[1] - yesterday's prices.

Anticipated low price for tomorrow: Min = X - High[1].
Anticipated high price for tomorrow: Max = Low[1] - X.

The indicator has been written based on the book "Forex from the first person. For beginners and professionals" (А. Vedikhin, G. Petrov, B. Shylov).

Daily Range Projections

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/565

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