This MT5 custom indicator, called “wd.Range_DailyAvg.mq5”.
Basic idea is based on MT4 indicator ‘TSR_Ranges.mq4’ by Ogeimais.
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It is designed to calculate the ‘Average Daily Range’ (ADR) based on 20 days of historical upper and lower price data.
The primary purpose of this indicator is to estimate today’s price movements and to help traders identify today potential profit opportunities based on historical price ranges.
Here’s how the indicator works:
   Input Parameters:
       Display Average Range Information:
      This input parameter controls whether to display the Average Range Information on the upper left chart.
       Today’s price zone color :
      The color of the rectangle that represents the estimated price zone for the day.
      User also can choose the border style and it’s width.
       Estimated today prize zone:
      This allows user to choose the anchor for the estimated price zone.
      User can select either ‘Room_up’ or ‘Room_down’ based on the market trend.
Number inside the rectangle shows the Average Daily Range (ADR). ADR is calculated based on the range of the previous day, averages for 2-day, 5-day, 10-day, and 20-day periods.
Make sure to check the ‘Show object description’ option in MT5 Chart Properties.
If user believes that today’s trend is upward and wants to estimate how many pips the price movement might take, user can set the ‘Estimated today prize zone’ to ‘Room_up.’ In this case, the rectangle will determine today’s lowest price and set the highest price based on the ADR.
Overall, this indicator helps user estimate the potential price movement for the current day based on 20 days historical data and market trends.
Depending on the selected anchor (Room_up or Room_down), it showing potential profit-taking or buying/selling price levels.
The indicator provides a visual representation of the estimated price zone as a colored rectangle on the chart, making it easier for users to make trading decisions.
Version history:
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v2.23Â Â Â : initial release
