(T_S_R)-Daily Range Calculator

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Author: Copyright � 2006, Ogeima
(T_S_R)-Daily Range Calculator

This script is a specialized trading tool designed to help traders visualize market volatility and calculate potential risk parameters based on historical price data. Instead of making active trades, it acts as an analytical dashboard that provides a snapshot of how much a specific currency pair or asset typically moves within various timeframes.

Core Logic and Functionality

1. Historical Range Analysis The tool begins by calculating the "range" (the distance between the highest and lowest price) for several previous days. It specifically looks at:

  • The most recent single day.
  • The average range over the last 5 days.
  • The average range over the last 10 days.
  • The average range over the last 20 days.

By aggregating these figures, the script calculates a comprehensive Average Day Range. This tells the trader what "normal" price movement looks like for that specific asset over both short-term and long-term periods.

2. Dynamic "Room" Calculation The script then compares the current live market price against the historical averages to determine how much "room" is left for the price to move in either direction.

  • Room Up: Measures the distance remaining from the current price to the average expected daily move.
  • Room Down: Measures the distance remaining from the current price to the average expected downward move.

3. Automated Risk Management (Stop-Loss Planning) One of the most practical features of this script is its ability to suggest potential Stop-Loss levels based on a user-defined Risk-to-Reward Ratio.

  • It takes the "Room" values calculated above and divides them by your desired ratio (e.g., if you want a 3:1 reward-to-risk ratio, it calculates the stop-loss accordingly).
  • It then provides specific price points for both Long (buy) and Short (sell) positions. This allows a trader to see exactly where they should place their protection based on how much of the "daily move" remains available.

4. Real-Time Visual Dashboard Rather than just providing numbers in a spreadsheet, the script generates a live visual overlay on the trading platform. It creates a clean text dashboard that displays:

  • The specific price levels for the Daily High and Daily Low.
  • The current market price.
  • A breakdown of all historical averages (1, 5, 10, and 20-day ranges).
  • The calculated "Room" figures.
  • The specific Pip counts and Price Points for Stop-Losses.

Summary for the User

Essentially, this tool tells you: "Based on how this asset has behaved over the last 20 days, how much bigger is it likely to move today? If I enter a trade right now, where is the mathematically 'safe' place to put my stop-loss to maintain my desired profit goals?" It removes the guesswork from volatility estimation by providing hard data derived directly from historical price action.

Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
Indicators Used
Moving average indicator
12 Views
0 Downloads
0 Favorites
(T_S_R)-Daily Range Calculator 
//+------------------------------------------------------------------+
//|                             #(T_S_R)-Daily Range Calculator .mq4 |
//|                      Copyright © 2006, MetaQuotes Software Corp. |
//|                                        http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, MetaQuotes Software Corp."
#property link      "http://www.metaquotes.net"
#property link      "Data window by cja"
//+------------------------------------------------------------------+
//|                                                   TSR_Ranges.mq4 |
//|                                         Copyright © 2006, Ogeima |
//|                                             ph_bresson@yahoo.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2006, Ogeima"
#property link      "ph_bresson@yahoo.com"

#property indicator_separate_window
//---- input parameters
extern double  Risk_to_Reward_ratio =  3.0;
int nDigits;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
{
IndicatorShortName("TSR");
   if(Symbol()=="GBPJPY" || Symbol()=="EURJPY" || Symbol()=="USDJPY" || Symbol()=="GOLD" || Symbol()=="USDMXN") nDigits = 2;
   if(Symbol()=="GBPUSD" || Symbol()=="EURUSD" || Symbol()=="NZDUSD" || Symbol()=="USDCHF"  ||
   Symbol()=="USDCAD" || Symbol()=="AUDUSD" || Symbol()=="EURUSD" || Symbol()=="EURCHF"  || Symbol()=="EURGBP"
   || Symbol()=="EURCAD" || Symbol()=="EURAUD" || Symbol()=="AUDNZD")nDigits = 4;

   return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
//----
   
//----
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   //----
   int R1=0,R5=0,R10=0,R20=0,RAvg=0;
   int RoomUp=0,RoomDown=0,StopLoss_Long=0,StopLoss_Short=0;
   double   SL_Long=0,SL_Short=0;
   double   low0=0,high0=0;
   string   Text="";
   int i=0;

   R1 =  (iHigh(NULL,PERIOD_D1,1)-iLow(NULL,PERIOD_D1,1))/Point;
   for(i=1;i<=5;i++)
      R5    =    R5  +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
   for(i=1;i<=10;i++)
      R10   =    R10 +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
   for(i=1;i<=20;i++)
      R20   =    R20 +  (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;

   R5 = R5/5;
   R10 = R10/10;
   R20 = R20/20;
   RAvg  =  (R1+R5+R10+R20)/4;    

   low0  =  iLow(NULL,PERIOD_D1,0);
   high0 =  iHigh(NULL,PERIOD_D1,0);
   RoomUp   =  RAvg - (Bid - low0)/Point;
   RoomDown =  RAvg - (high0 - Bid)/Point;
   StopLoss_Long  =  RoomUp/Risk_to_Reward_ratio;
   SL_Long        =  Bid - StopLoss_Long*Point;
   StopLoss_Short =  RoomDown/Risk_to_Reward_ratio;
   SL_Short       =  Bid + StopLoss_Short*Point;


   Text =   "Average Day  Range: " +  RAvg + "\n"  + 
            "Prev 01  Day  Range: " +  R1   + "\n" + 
            "Prev 05  Days Range: " +  R5   + "\n" + 
            "Prev 10  Days Range: " +  R10  + "\n" +
            "Prev 20  Days Range: " +  R20  + "\n";
   Text =   Text +
            "Room Up:     " + RoomUp              + "\n" +
            "Room Down: " + RoomDown            + "\n" +
            "Maximum StopLosses :"  + "\n" +
            "Long:  " + StopLoss_Long  + " Pips at " + DoubleToStr(SL_Long,nDigits)  + "\n" +
            "Short: " + StopLoss_Short + " Pips at " + DoubleToStr(SL_Short,nDigits) + "\n" ;

   Comment(Text);
  
   string P=Period();
  
   
        ObjectCreate("TSR", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR",StringSubstr(Symbol(),0),12, "Arial Bold", CadetBlue);
        ObjectSet("TSR", OBJPROP_CORNER, 0);
        ObjectSet("TSR", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR1", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR1",StringSubstr(P,0),12, "Arial Bold", CadetBlue);
        ObjectSet("TSR1", OBJPROP_CORNER, 0);
        ObjectSet("TSR1", OBJPROP_XDISTANCE, 100);
        ObjectSet("TSR1", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR2","Average Daily Range:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR2", OBJPROP_CORNER, 0);
        ObjectSet("TSR2", OBJPROP_XDISTANCE, 150);
        ObjectSet("TSR2", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR3", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR3",DoubleToStr(RAvg ,0),12, "Arial Bold", Orange);
        ObjectSet("TSR3", OBJPROP_CORNER, 0);
        ObjectSet("TSR3", OBJPROP_XDISTANCE, 300);
        ObjectSet("TSR3", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR4","Prev 01 Day Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR4", OBJPROP_CORNER, 0);
        ObjectSet("TSR4", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR4", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR5", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR5",DoubleToStr(R1,0),12, "Arial Bold", Orange);
        ObjectSet("TSR5", OBJPROP_CORNER, 0);
        ObjectSet("TSR5", OBJPROP_XDISTANCE, 160);
        ObjectSet("TSR5", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR6", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR6","Prev 05 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR6", OBJPROP_CORNER, 0);
        ObjectSet("TSR6", OBJPROP_XDISTANCE, 25);
        ObjectSet("TSR6", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR7", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR7",DoubleToStr(R5,0),12, "Arial Bold", Orange);
        ObjectSet("TSR7", OBJPROP_CORNER, 0);
        ObjectSet("TSR7", OBJPROP_XDISTANCE, 160);
        ObjectSet("TSR7", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR8", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR8","Prev 10 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR8", OBJPROP_CORNER, 0);
        ObjectSet("TSR8", OBJPROP_XDISTANCE, 220);
        ObjectSet("TSR8", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR9", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR9",DoubleToStr(R10,0),12, "Arial Bold", Orange);
        ObjectSet("TSR9", OBJPROP_CORNER, 0);
        ObjectSet("TSR9", OBJPROP_XDISTANCE, 355);
        ObjectSet("TSR9", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR10", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR10","Prev 20 Days Range:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR10", OBJPROP_CORNER, 0);
        ObjectSet("TSR10", OBJPROP_XDISTANCE, 220);
        ObjectSet("TSR10", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR11", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR11",DoubleToStr(R20,0),12, "Arial Bold", Orange);
        ObjectSet("TSR11", OBJPROP_CORNER, 0);
        ObjectSet("TSR11", OBJPROP_XDISTANCE, 355);
        ObjectSet("TSR11", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR12", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR12","Room UP:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR12", OBJPROP_CORNER, 0);
        ObjectSet("TSR12", OBJPROP_XDISTANCE, 420);
        ObjectSet("TSR12", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR13", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR13",DoubleToStr(RoomUp,0),12, "Arial Bold", Orange);
        ObjectSet("TSR13", OBJPROP_CORNER, 0);
        ObjectSet("TSR13", OBJPROP_XDISTANCE, 490);
        ObjectSet("TSR13", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR14", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR14","Room DN:", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR14", OBJPROP_CORNER, 0);
        ObjectSet("TSR14", OBJPROP_XDISTANCE, 420);
        ObjectSet("TSR14", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR15", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR15",DoubleToStr(RoomDown,0),12, "Arial Bold", Orange);
        ObjectSet("TSR15", OBJPROP_CORNER, 0);
        ObjectSet("TSR15", OBJPROP_XDISTANCE, 490);
        ObjectSet("TSR15", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR16", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR16","Maximum StopLosses;",10, "Arial Bold", CadetBlue);
        ObjectSet("TSR16", OBJPROP_CORNER, 0);
        ObjectSet("TSR16", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR16", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("TSR17", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR17","Long:             Pips at", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR17", OBJPROP_CORNER, 0);
        ObjectSet("TSR17", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR17", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR18", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR18",DoubleToStr(StopLoss_Long,0),12, "Arial Bold", Orange);
        ObjectSet("TSR18", OBJPROP_CORNER, 0);
        ObjectSet("TSR18", OBJPROP_XDISTANCE, 600);
        ObjectSet("TSR18", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("TSR19", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR19","Short:             Pips at", 10, "Arial ", LightSteelBlue);
        ObjectSet("TSR19", OBJPROP_CORNER, 0);
        ObjectSet("TSR19", OBJPROP_XDISTANCE, 560);
        ObjectSet("TSR19", OBJPROP_YDISTANCE, 35);
        ObjectCreate("TSR20", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR20",DoubleToStr(StopLoss_Short,0),12, "Arial Bold", Orange);
        ObjectSet("TSR20", OBJPROP_CORNER, 0);
        ObjectSet("TSR20", OBJPROP_XDISTANCE, 600);
        ObjectSet("TSR20", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR21", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR21",DoubleToStr(SL_Long,nDigits),12, "Arial Bold", SteelBlue);
        ObjectSet("TSR21", OBJPROP_CORNER, 0);
        ObjectSet("TSR21", OBJPROP_XDISTANCE, 690);
        ObjectSet("TSR21", OBJPROP_YDISTANCE, 20);
        ObjectCreate("TSR22", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR22",DoubleToStr(SL_Short,nDigits),12, "Arial Bold",SteelBlue);
        ObjectSet("TSR22", OBJPROP_CORNER, 0);
        ObjectSet("TSR22", OBJPROP_XDISTANCE, 690);
        ObjectSet("TSR22", OBJPROP_YDISTANCE, 35);
        
        ObjectCreate("TSR23", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR23","Risk to Reward Ratio:", 10, "Arial Bold", CadetBlue);
        ObjectSet("TSR23", OBJPROP_CORNER, 0);
        ObjectSet("TSR23", OBJPROP_XDISTANCE, 350);
        ObjectSet("TSR23", OBJPROP_YDISTANCE, 2);
        ObjectCreate("TSR24", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("TSR24",DoubleToStr( Risk_to_Reward_ratio ,0),12, "Arial Bold", Orange);
        ObjectSet("TSR24", OBJPROP_CORNER, 0);
        ObjectSet("TSR24", OBJPROP_XDISTANCE, 500);
        ObjectSet("TSR24", OBJPROP_YDISTANCE, 2);
        
     
        double HIDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_HIGH,PRICE_HIGH,0);
        double LOWDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_LOW,PRICE_LOW,0); 
        double YEST_HIDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_HIGH,PRICE_HIGH,1);
        double YEST_LOWDaily = iMA(Symbol(),PERIOD_D1,1,0,MODE_LOW,PRICE_LOW,1); 
   
        ObjectCreate("high", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high",DoubleToStr(HIDaily,Digits), 12, "Arial Bold", Orange);
        ObjectSet("high", OBJPROP_CORNER, 0);
        ObjectSet("high", OBJPROP_XDISTANCE, 890);
        ObjectSet("high", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("high2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high2","DailyHigh", 9, "Arial Bold", CadetBlue);
        ObjectSet("high2", OBJPROP_CORNER, 0);
        ObjectSet("high2", OBJPROP_XDISTANCE, 890);
        ObjectSet("high2", OBJPROP_YDISTANCE, 2);
        
        ObjectCreate("low", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low",DoubleToStr(LOWDaily,Digits), 12, "Arial Bold", Orange);
        ObjectSet("low", OBJPROP_CORNER, 0);
        ObjectSet("low", OBJPROP_XDISTANCE, 830);
        ObjectSet("low", OBJPROP_YDISTANCE, 20);
        
        ObjectCreate("low2", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low2","DailyLow", 9, "Arial Bold", CadetBlue);
        ObjectSet("low2", OBJPROP_CORNER, 0);
        ObjectSet("low2", OBJPROP_XDISTANCE, 830);
        ObjectSet("low2", OBJPROP_YDISTANCE, 2);
        
         double CURR = iMA(Symbol(),0,1,0,MODE_EMA,PRICE_CLOSE,0);
   
           
        ObjectCreate("high3", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high3",DoubleToStr(CURR,Digits), 12, "Arial Bold", Coral);
        ObjectSet("high3", OBJPROP_CORNER, 0);
        ObjectSet("high3", OBJPROP_XDISTANCE, 890);
        ObjectSet("high3", OBJPROP_YDISTANCE,35 );
            
        ObjectCreate("high4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("high4",DoubleToStr(CURR,Digits), 12, "Arial Bold", Coral);
        ObjectSet("high4", OBJPROP_CORNER, 0);
        ObjectSet("high4", OBJPROP_XDISTANCE, 830);
        ObjectSet("high4", OBJPROP_YDISTANCE,35 );
        
        ObjectCreate("low4", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low4","T/Day", 9, "Arial ", LightSteelBlue);
        ObjectSet("low4", OBJPROP_CORNER, 0);
        ObjectSet("low4", OBJPROP_XDISTANCE, 790);
        ObjectSet("low4", OBJPROP_YDISTANCE, 20);
        ObjectCreate("low5", OBJ_LABEL, WindowFind("TSR"), 0, 0);
        ObjectSetText("low5","Price", 9, "Arial ", LightSteelBlue);
        ObjectSet("low5", OBJPROP_CORNER, 0);
        ObjectSet("low5", OBJPROP_XDISTANCE, 790);
        ObjectSet("low5", OBJPROP_YDISTANCE, 37);
   
   


   return(0);
  }
//+------------------------------------------------------------------+

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