(T_S_R)-Daily Range Calculator

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

This script functions as a comprehensive daily range calculator and risk management dashboard for traders. Its primary goal is to provide a snapshot of market volatility and calculate specific entry/exit levels based on historical price movement.

Here is a breakdown of the logic used by the tool:

Historical Range Analysis

The script begins by analyzing how much the price has moved over various timeframes. It looks back at previous daily data to determine the "Range" (the distance between the highest and lowest price) for several specific periods:

  • Short-term: The most recent day, the last 5 days, the last 10 days, and the last 20 days.
  • Average Daily Range: It calculates an average of these different periods to establish a "normal" daily movement for the current market conditions.

Dynamic "Room" Calculation

Using the Average Daily Range calculated above, the script determines how much "room" is left in the market for the current day. It compares the current live price against the daily highs and lows to see how much of that average range has already been consumed. This helps a trader visualize if the market is becoming overextended or if there is still significant movement expected.

Risk Management & Stop-Loss Positioning

One of the core features of this script is its automated risk calculation. It allows you to set a desired Risk-to-Reward Ratio (the default is 3.0). Based on this:

  • Long Positions: The script calculates a potential Stop-Loss distance based on the available "Room Down."
  • Short Positions: It calculates a potential Stop-Loss distance based on the "Room Up."
  • Price Targets: It then converts these distances into actual price levels (Pips) where a stop-loss should be placed to align with your desired reward ratio.

Visual Dashboard

Instead of requiring the user to do any math, the script generates an on-screen display that updates in real-time. This dashboard shows:

  • Historical Stats: A side-by-side comparison of the 1, 5, 10, and 20-day ranges.
  • Current Metrics: The calculated "Room Up" and "Room Down" values.
  • Trade Planning: Explicitly listed Stop-Loss prices and pip distances for both buying (Long) and selling (Short) scenarios.
  • Market Reference Points: It displays the current price, the previous day's high/low, and key daily indicators to help with immediate price context.

Currency Handling

The script includes built-in logic to recognize different currency pairs. It automatically adjusts its decimal precision (e.g., 2 digits for Gold or JPY pairs versus 4 digits for standard EUR/USD pairs) to ensure the numbers displayed on the dashboard are always accurate and easy to read regardless of which chart you are viewing.

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
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0 Downloads
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(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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