The Daily Range Projections indicator for Metatrader 5 is a forecasting tool that predicts the trading range for tomorrow’s currency prices.
This tool works for any trading instrument and time frame.
The indicator analyses past price data and plots the most likely high price level, low price level, and average price level on the chart.
How to identify market sentiment with this technical tool?
- The market is considered bullish when the price trades above the purple colored average daily price level.
- The market is considered bearish when the price trades below the purple colored average daily price level.
The indicator allows customizing the following settings and parameters: high price for tomorrow, low price for tomorrow, average price for tomorrow.
Make yourself familiar with the Daily Range Projections indicator and test it first on a demo account before applying it to a live account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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dailyrangeprojections_full.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Daily Range Projections indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Daily Range Projections Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is triggered when the candle closes above the colored purple average daily price level dotted line.
- Initiate a buy transaction and place a stop loss below the previous swing low level.
- Exit the buy trade when price touches the predicted green colored upper range price level.
Sell Signal
- A sell signal is triggered when the candle closes below the colored purple average daily price level dotted line.
- Initiate a sell transaction and place a stop loss above the previous swing high level.
- Exit the sell trade when price touches the predicted red colored low range price level.
Download Now 🆓
dailyrangeprojections_full.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the dailyrangeprojections_full.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration