The EA searches for a daily range. It uses objects OBJ_HLINE and OBJ_VLINE.
A daily range within Sliding window size days (current bar #0 is not involved in calculations) can be calculated as Highest –Â Lowest or as a mean value by module Close #i – Close #i+1. Calculation mode is set in Daily range.Â
The daily range is then used in the calculations of levels Stop Loss and Take Profit:
SL = daily_range *Â Stop Loss Coefficient
TP = daily_range * Take Profit Coefficient
The daily range is calculated once a day (time Start hour::Start minute) and at the first launch of the EA.
BUY signal:
Price Ask >= Highest of the daily range + daily_range * Offset Coefficient
SELL signal:
Price Bid <= Lowest of the daily range – daily_range * Offset Coefficient
Number of positions opened within the current day shall be limited by parameter Max Positions.
Search for a daily range is visualized using two vertical lines (the limit the search range) and two horizontal lines (that show the lines of position opening signals) :
Daily Range Projections - indicator MetaTrader 5 The indicator forecasts high and low price values of a financial asset considering yesterday's (completed) and today's day candlesticks parameters.…
