Hi iGoR,
I think i have managed to make a graphic representation of the system.

this is how it works and correct me if i am wrong

1/ When the new day starts the indicator loads 50% of the average daily range above and below the OPEN price with a MAROON panel

2/ The current daily HIGH & LOW is now displayed in a OLIVE GREEN within the MAROON Daily range display

3/When the CURRENT PRICE exceeds the 50% DAILY AVERAGE RANGE (SHORT/LONG Entry )then the colour turns GREEN for all the price action above or below the 50% AVERAGE DAILY RANGE.

4/If PRICE goes down 30 pips below the 50% DAILY AVERAGE RANGE then the LONG ENTRY also moves down with it keeping the LONG entry 50% of the DAILY AVERAGE RANGE above price.

EXAMPLE if the DAILY AVERAGE RANGE is 100 then that makes the ENTRY LONG 50 pips and the ENTRY SHORT 50 pips, if PRICE starts at say 500 then it has to go above 550 or below 450 to trigger an ENTRY. Now if price first starts to move up to 540 and stops short of the LONG ENTRY level by 10 pips then the SHORT ENTRY level will now be 50 pips below the 540 level. So now if price then reverses down you will get a SHORT ENTRY at 490 (50pips below the CURRENT DAILY HIGH) if PRICE continues to move down say another 60 pips to 430 the LONG ENTRY level will TRAIL it by 50% of the DAILY AVERAGE RANGE which in this example is 50 pips. This in effect will give you a new LONG ENTRY level at 580 if price reverses more than the DAILY AVERAGE RANGE .
The only thing i noticed which seemed a little odd at first was that when price moved a large distance then it is possible to have the SHORT ENTRY move above the LONG ENTRY but if you think about it that is what should happen in large moves because the SHORT ENTRY is still TRAILING the CURRENT HIGH by 50% of the DAILY AVERAGE RANGE and the LONG ENTRY below is your LONG ENTRY for the current long trade that is running and of course the reverse also applies with a large SHORT move.

I hope i have got this right - anyway try the attached indicator and lets get some feed back, I ran it last night and it seemed to do the job.

If this is correct i will make a separate data window for the relevant info and then you will have a choice btween a separate DATA window below the chart or you can use the COMMENTS in the top left of the chart.

Fingers crossed on this one??

Ps The Daily range is calculated using 1,5,10 & 20 days averages but can be altered to 5,10,& 20 Days if that is what is being used at present.

Have added in another colour to show the full DAILY AVERAGE RANGE so you can tell when price is approaching that level and the colour changes to a lighter green when the DAILY AVERAGE RANGE is exceeded warning you to be aware the trade may be nearing its end.

In version #3 I have changed the Comments as there was an issue with the number zero dropping off the end of the numbers and added Profit LONG & Profit SHORT

I have now added the Display indicator with a separate DATA Window instead of Comments with slight changes to the OPEN level due to a coding conflict with the separate window which now shows as a Black line and not the previous Coral colour.

I Removed the older indicators here are the two latest indicators - one with Comments the other with a SEPARATE DATA Window - have altered the code to solve issues with the trend lines disappearing when time frames changed

Have altered DATA WINDOW indicator again and it appears to test alright now - Fingers Crossed.


(T_S_R)-Daily Range Display#4.mq4

(T_S_R)-DATA WINDOW.mq4