The idea was taken from the book “The New Science of Technical Analysis” by Thomas R. Demark. Demark advises to use own calculation for forecasting the daily range of the prices. As far as the data of one daily bar is used for the calculation, this caculation can be applied to the bars on the other periods of the chart just as well.
The indicator draws a colored region before each bar, it is the presumed price range of the next bar.
MT4 Indicator Download – Instructions
Forecasting of Price Ranges is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Forecasting of Price Ranges provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Forecasting of Price Ranges.mq4?
- Download Forecasting of Price Ranges.mq4
- Copy Forecasting of Price Ranges.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Forecasting of Price Ranges.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Forecasting of Price Ranges.mq4 is available on your Chart
How to remove Forecasting of Price Ranges.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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