Blahtech Daily Range can be found within the indicator section of the MQL 5 marketplace, we have provided a link to it below so you can know exactly which indicator we are looking at.
The indicator was first uploaded by Blahtech Limited on the 8th of April 2016, it was most recently updated on the 19th of June 2019 and is now at version 2.8.
Blahtech Daily Range is an indicator for the MetaTrader 4 trading platform, it will display the average daily range alongside the individual session ranges. It will show both a fixed range as well as dynamic range targets on the charts, these lines will show you when the average range is exhausted. This is best to use when you need to confirm entries or to set targets.
The main features of the indicator:
- Daily Ranges
- Session Ranges
- Single or multiple ranges
- Fixed and dynamic exhaustion chart lines
- Highlighting of larger ranges
- Configurable targets and highlight values
- Backtest directly on the chart
- Customizable alerts and messages
- Selectable period for higher timeframes
- Fast access hot-keys
There is also a vast number of inputs and parameters that can be altered to help make the indicator better suit your own requirements, some of these include display options such as the color of lines, time periods, sessions schedules, there are also options for the number of ranges, average range composition, projections, text colors, daily range start time, alerts, and more.
A video explaining how this Forex indicator functions is available on YouTube:
The Blahtech Daily Range indicator will cost you $48 to purchase it outright, giving you unlimited access to it. There is also an option to rent the indicator, you can rent it on a monthly basis which will cost you $10 per month, or you can rent it for 3 months which will cost you $12. There is a free demo version available, the limitations are not known but we believe that it will only work on a demo account.
There are three reviews for the indicator, they are giving it an overall rating of 4.5 out of 5.
“The indicator looks promising, but I am disappointed that there isn’t a user-friendly manual providing basic details on how to use its features. As a courtesy to customers, a “how-to” user manual should be included.” – A 4-star Review.
“I have been trading the markets for quite some years now but only recently stumbled about the concept of Average Daily Ranges and it has transformed my trading. This indicator is very good and does not slow down my PC at all as so many other indicators on MQL5. This is top-notch quality. The creator of this indicator really knows his stuff. He was also kind enough to make amendments or put further features in. Will ADR call intraday market turns every time? Of course not….will it add structure to your trading and increase your chances of success?…Absolutely! Good product that I can only recommend.” – A 5-star Review.
“This is a great indicator, and no intraday trader should go without it. Knowing the average ranges of any given time slice is invaluable information, and this indicator is well coded and visually appealing. Great work, I use it every day.” – A 5-star Review.
There isn’t a massive selection of reviews, but the ones that there are shown a very positive opinion towards the indicator, there are plenty of questions and the creator seems to be replying to them quickly which is a good sign that it is being actively supported. As always, be sure to check out the free version, while it may be limited, it will give you a better idea of how the indicator works and you can make sure that it is right for you prior to making a purchase.