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Posted

Hello guys,

 

I'm looking since a long time for a daily range projection indicator, which draws two lines on the chart where trend reversals are most likely its a better indicator than daily support and resistance lines -and it is also great for counter trend trading.

 

 

It would be great if you could help me.

Maybe a similar indicator for MT4 is out there??

Posted

Hi SacredDB,

 

Here's what I think you're looking for:

 

http://www.multiupload.com/209B9QWSDX

 

Dark Blue = Daily Open + ADR

Light Blue = Daily Open + ADR/2

Yellow = Daily Open

Pink = Daily Open - ADR/2

Red = Daily Open - ADR

 

ADR = Average Daily Range

 

The averaging period by default is 14, however give it a try with 21 or 24 too as they may work better.

 

The light blue line is the most likely place for a reversal if price has been going up and the pink line is the most likely place for a reversal if price has been going down. The Dark blue and Red lines can be used as possible reversal points if price is strongly moving in one direction.

  • 11 months later...
Posted
Hi SacredDB,

 

Here's what I think you're looking for:

 

http://www.multiupload.com/209B9QWSDX

 

 

Dark Blue = Daily Open + ADR

Light Blue = Daily Open + ADR/2

Yellow = Daily Open

Pink = Daily Open - ADR/2

Red = Daily Open - ADR

 

ADR = Average Daily Range

 

The averaging period by default is 14, however give it a try with 21 or 24 too as they may work better.

 

The light blue line is the most likely place for a reversal if price has been going up and the pink line is the most likely place for a reversal if price has been going down. The Dark blue and Red lines can be used as possible reversal points if price is strongly moving in one direction.

 

Hello Soundfx,

 

Could you repost a fresh link? Thanks in advance

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