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.
How to trade with TSR Ranges MT4 indicator?
In the upper left corner window traders can find:
Average day range – How far the market trades on average in pips. The reading is calculated based on a 20 day average.
Prev 01 Day Range – The trading range of the previous day in pips.
Prev 05 Day Range – The trading range of the previous 5 days in pips.
Prev 10 Day Range – The trading range of the previous 10 days in pips.
Prev 20 Day Range – The trading range of the previous 20 days in pips.
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.
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Risk reward ratio
By clicking on the "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.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “TSR Ranges MT4 indicator” template to apply it on the chart.
Note: This indicator was developed by forex-indicators.net. AtoZ Markets does not carry any copyrights over this trading tool.
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