The video is helpful, but it doesn't cover enough information concerning the features of the indicator. I will adjust my review to 4 stars because of the effort. But a software product should always come with a manual explaining how to use its features. It is abnormal and bad for business not to have such a manual.  

Please find the Blahtech Daily Range Manual here https://www.mql5.com/en/blogs/post/700845

It explains the input parameters in more detail than the overview page

Hi there,

My current broker's MT4 displays time that is 2 hours ahead of UK time. Reading the Word document, I assume that the GMT Offset is the property to help with this, however, I note that there is the daylight saving property too.

Just to be certain, how would you best tackle this adjustment? Obviously, our clocks have recently gone forward 1 hour. However, I'm still 2 hours behind the broker's server so, would I leave the daylight saving blank and just use the GMT Offset? If so, I assume I would just add (+)7200 in the GMT Offset property?

Also, I note that there are ranges in the indicator. I generally like to see 3xADR so I assume that I can just specify this value in one of the range settings?

Many thanks!

It's likely that your Broker is GMT+3 (hrs) but currently it is showing GMT+2 due to the Daylight savings.

We would recommend you try the GMTOffset at 10800 (+3Hrs) and leave the daylight savings at default (true) which should adjust it to 7200 until the autumn

You have two sets of lines you can control.

There's one fixed thicker line that we default to 0.5 ADR (you can change this to 3 if you don't want to see the 0.5 lines)

There's also the projections levels which are thinner lines. (default 1,2,3) - change to just 3 for less clutter

If you want to see the projection levels you need to change the "Range Lines" to "Fixed + Dynamic + Projections" (you can also change this using the "A" hotkey)

Thanks for this information James.

Hi,

I watched Dee's video after installing the indicator. I'm a tad confused about the "ADR" value in the text box in the bottom window. Dee said this is a forward weighted average of 20 days, which is why it is different to the "Rg 20" value. Here are my questions in this regard:-

1) Does the Average Range Calc Type apply to ranges 1-4?

2) Is the ADR value using a forward weighted average of 20 days, fixed, IOW, "hard coded"?

3) It seems to follow that the ADR value show in the bottom window is pre-determined at 20 days. In my previous ADR control, I specified my ADR period to be 14 days. I accept that I can make one of the range values be 14 days but is there a way to use, say, my 14 days value as the forward weighted average used as the value for the ADR label, or, as specified earlier, is this hard coded at 20 days. If so, why?

Hi there,

• Highlight Ratio – Session - Relative percentage verses other sessions at which a session should be highlighted

• Highlight Ratio –Current - Percentage at which the current session should be highlighted

• Average Range Calc Type – Avg Range / Avg True Range

• Average Range Composition – Choose ranges that make up the Avg range calc

Hi,

I assume that ARC only applies to Avg Range Calc Type. In this case, the Average Range is based on combinations of range values. However, on what basis are these range values calculated in the first instance, IOW, before they are used as average range candidate values?

Cheers!

The ADR value is calculated by taking the average of the 1,2,3,4 values. You can select which ones using the following parameter

    Daily Ranges / Average Range Composition – Choose ranges that make up the Avg range calc

        1)  Average of Ranges:  1st + 2nd + 3rd + 4th

        2)  Average of Ranges:  1nd + 2nd + 3rd

        3)  Average of Ranges:  2nd + 3rd + 4th (default)

        4)  Average of Ranges:  1st + 2nd

        5)  Average of Ranges:  2nd + 3rd

        6)  Average of Ranges:  3rd + 4th

        7)  Average of Ranges:  1st

        8)  Average of Ranges:  2nd

        9)  Average of Ranges:  3rd

       10) Average of Ranges:  4th

These are simply the ratios at which the text colour changes from green to orange. This does not affect which lines get drawn on the chart

Ah, completely understand. I think I misunderstood the video. Cheers James.

Black Friday Sale

Hi,

Is there a way to calculate the dynamic projections based on highs/lows of specific ranges only? For example I want to know the projected levels based on the previous NY session timings only.

Thanks,

Cedars

We can only show projection lines on the overall daily range. We cannot display them for the intraday sessions

Hi James,

Another query. I undestand that the fixed range lines are calculated from the daily open. Is it possible to have an option for calculating the ranges relative to the previous days highs and lows instead (High+0.5*ADR and Low-0.5*ADR)?

It depends on your how your broker has setup it's server time not the time where you are located. Many brokers operate at GMT+3 which is 7200

The trading day starts at midnight in London, so you should align your starting candle with that

You can find the London time here  https://greenwichmeantime.com/uk/london/time

Hi James,

Thanks for a great indicator. I use it everyday and it has helped my trading immensely. 

I have the price at ADR 0.5 and exhaustion levels enabled so that they are shown on the chart. I am just wondering if instead of being shown on the right they could be shown on the left side of the levels. I couldn't find it under the settings. Hope that is clear but in case I added an image: