Auto Daily Price Movement Range (Auto DPMR)

––––HISTORY & CREDITS 🏦

Inspired by Raghee Horner's Daily Price Movement Ranges (DPMR) concept, this indicator is a product of the expertise of a renowned trader, educator, and author specializing in forex and futures markets. As a member of the Simpler trading community, Raghee Horner has shared her unique perspective on trading and the markets through multiple books and courses. This indicator is a practical implementation of her invaluable teachings.

Disclaimer: We are not associated with Simpler Trading and this indicator is recreated version based on public information about how the DPMR works shared by Raghee and her colleagues. 

 

––––WHAT IT DOES 💡

The Raghee's Daily Price Movement Range (DPMR) indicator calculates the average daily price movement ranges for each day of the week and projects potential high and low price levels based on historical data. By considering the lookback days (set to 90 by default), the indicator calculates the mean range and standard deviation of the high-to-low price range for each day of the week, then projects these ranges onto the current day's price action, offering potential areas of support and resistance. (Please note: HPRMs - hourly price movement ranges are not currently implemented in this indicator).

 

––––HOW TO USE IT 🔧

To leverage the power of this indicator, simply add it to your TradingView chart. The indicator will plot the projected high and low levels for the current day, based on the historical average price movement ranges for each day of the week. Additionally, it will display the projected extreme high and low levels, providing further context for potential price action.

👉Projected High Low (Green Line): This line signifies the projected high price level based on the historical average price movement range for the current day of the week.

👉Projected High Average (Green Stepline): This line denotes the projected high price level based on the historical mean range for the current day of the week.

👉Projected Low High (Gray Line): This line signifies the projected low price level based on the historical average price movement range for the current day of the week.

👉Projected Low Average (Gray Stepline): This line denotes the projected low price level based on the historical mean range for the current day of the week.

👉Range Extreme High (Green Stepline): This line signifies the projected extreme high price level for the current day, based on the maximum historical high-to-low range.

👉Range Extreme Low (Gray Stepline): This line denotes the projected extreme low price level for the current day, based on the maximum historical high-to-low range.

Employ these projected levels as potential areas of support and resistance when planning your trades. Keep in mind that these are only projections and not guaranteed price levels. Always practice proper risk management and combine this indicator with other technical analysis tools to confirm your trading decisions.


‼️THE SCRIPT WORKS ON STANDARD TIMEFRAMES ONLY, 15min and above to DAILY‼️

IT IS AUTOMATIC AND HENCE THERE ARE SOME TRADEOFFS TO THE ORIGINAL

For Tradingview:

After you have purchased the indicator have to send us your TradingView username in order to get access.

 

ThinkorSwim (available, but separate):

Please send us an email and if you would like a ThinkorSwim version of this script. ThinkorSwim version is sold separetly from the TradingView version of the script and takes 5 days of delivery.

 

After payment is made, access to the script will be given within 2 hours

If you are looking for Promo videos, where you can compare the original indicators to what we have creted there are plenty of public information in Youtube. If you have trouble finding them shoot us a message.