TSR Ranges MT4 indicator informs a trader about numerous market range statistics and calculates the tightest stop loss levels according to a pre-set risk reward ratio.
TSR Ranges MT4 indicator functions
TSR Ranges MT4 indicator window in the top left corner
In the upper left corner window traders can find:
Average day range – How far the market trades on average in pipets. The reading is calculated based on a 20 day average.
Prev 01 Day Range – The trading range of the previous day in pipets.
Prev 05 Day Range – The trading range of the previous 5 days in pipets.
Prev 10 Day Range – The trading range of the previous 10 days in pipets.
Prev 20 Day Range – The trading range of the previous 20 days in pipets.
Room up – Expected remaining range for the price to move upwards on the day based on the average day range history.
Room down – Expected remaining range for the price to move downwards on the day based on the average day range history.
Tightest Stop Losses should be:
Long – Gives an idea of a swing stop loss size for a long trade.
Short – Gives an idea of a swing stop loss size for a short trade.
Note: The readings for 5 digit pairs are shown in pipets, while for 4 digit readings – in pips.
Risk reward ratio
By clicking on “Inputs” tab in the indicator properties window, a “Risk to Reward ratio” can be personalized to the desired value. By default the RR ratio is set to 3.
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