Indicator To Find Daily Range

One of the strategies commonly used by forex traders is to use the daily average range. Many argue that if the price has moved and reached its daily range then it's time to open a position. This means that if the price moves up and has reached the daily average range then it's time to sell, and vice versa.

Some opinions state that it is not safe if the daily average range is used as a reference for opening positions because traders can only get information, at least an estimate, of how much price volatility is on that day. Traders cannot know how many pips the price will actually go up or down. Price movements are often very influenced by fundamental factors. That is, even though traders know that the daily average range is for example 1000 pips, if the country's central bank later announces that traders will cut interest rates, it is possible that the market will move more than 1000 pips.

The range trading strategy is the simplest alternative strategy to implement. With price predictions that tend to return to the long-term average that will occur. The turning point as an entry point is the determination of the key range trading strategy. Therefore it can be used to analyze resistance and technical support or by using oscillators and indicators.

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