Daily Range Stats
- Indicateurs
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Anna Makwana
MetaTrader tools and indicators that measure the odds on your own chart: how often levels were reached, how far days and sessions usually run, and what followed past signals. Every figure comes from the symbol’s own price history and uses closed bars only, so nothing repaints. Questions are welcome - Version: 1.0
Is today's move normal or unusual for this market? Daily Range Stats answers it from the symbol's own history: how big a typical, a big and a very big day usually is, how today ranks against past days, and where today's high or low would sit if it became one of those days. Free, clear, and checked against a separate implementation.
What it does
A small table on the chart shows how big a typical day, a big day (1 in 5 days) and a very big day (1 in 20 days) is on this symbol over the past days you choose, how large today's range is so far and what share of past days it already exceeds, and the price levels today would reach for each day size. A From here column shows, of the past days whose range got at least as big as today's so far, the share that went on to each day size. The levels are drawn on the chart for the current day and disappear once the day has reached that size.
How it works
Day sizes are measured in percent of the price, so calm and busy years compare fairly. Today is compared with the past days you choose (the last 250 by default, or all history). The statistics use finished days only; today's levels follow today's high and low. It is light on your computer: the history is processed once per closed day, and each tick only updates today's figures.
How it was tested
Every number (day sizes, average, peak day, today's rank and all levels) is recomputed by a separate implementation from the same broker data and matches it to the last decimal, on gold and EURUSD, for several history lengths.
Results and risks
On gold over the last 250 days, a typical day was 2.17% of the price, a big day 3.16% and a very big day 5.04%; the peak day reached 14.30%. These describe past days, not the future: a day can always be larger than anything seen in the window, especially around major news.
Recommended use
Any symbol with at least 60 days of daily history, on any timeframe; it is designed for intraday charts. Typical uses: judging whether a move is stretched for the day, judging whether a price level is within a typical day's reach, and seeing when a day has already used up its usual range.
Inputs
- Past days used: 250 by default; 0 uses all history.
- Draw today's levels on the chart: on or off.
- Colours of the typical, big and very big day levels.
- Panel: show or hide, any chart corner, distance from the edges in pixels, and size (small, normal, large). One key (H by default) hides or shows everything the indicator draws.
- Alerts: when today becomes a big day (1 in 5 days) or a very big day (1 in 20 days); pop-up, push notification, email and sound, each on or off. Off by default.
- Hide the chart grid: on by default.
Risk notice
Trading forex, metals, indices and other leveraged products carries a high risk of loss. Daily Range Stats is an analysis tool: it does not give investment advice or trading recommendations, and it does not guarantee any result. All figures describe past data, and past behaviour does not guarantee future behaviour. You are responsible for your own trading decisions.
Support
Questions? Message me through MQL5 chat.
A full guide with pictures: https://www.mql5.com/en/blogs/post/778095
