AVERAGE DAILY RANGE INDICATOR

AVERAGE DAILY RANGE INDICATOR

Postby billv » Tue May 11, 2021 8:49 am

Here is another very useful indicator
I use an ADR indicator because I need to know how many pips a currency pair has moved in a day and also in relation to yesterday, and long term, monthly or 6 monthly.

I also want to know how far price has moved from the low or high of the day.
The indicator prints the current pip distance from the daily top (H) and to the daily bottom (L) in pips. This could be useful if you have seen the pair do a move and retrace and you can't tell how far away it has moved.
Also, by adding the 2 figures low and high in our head we can quickly see how many pips the pair has done for the day.

So if today a pair has done at least the average daily number of pips, then perhaps a BIG continuation is unlikely. Selling bottoms and buying tops is not a good idea.

Note: Most of the readings + lines can be turned OFF if not needed.
If you don't want to see the Monthly and 6 Monthly they can be hidden by selecting FALSE in the settings. I have set the monthly and 6 monthly to 30 and 180 days but if you are paranoid about accuracy you can change the settings to 22 days for the month or 132 for 6 months.

INDICATOR READINGS:
ADR% = percentage of today's price move Vs the 6Monthly average
Y = yesterday's pips
M = Monthly Average Pips
6M = 6 Monthly Average Pips
H = Distance of current price to today's High
L = Distance of current price to today's Low
ADDED FEATURES
1. Added alert for reaching 100% ADR
2. Added color change for % reading of <>100%
3. Added daily open line because some traders use it for directional bias (above the line they only buy and below the line they only sell)
4. Added ADR High and Low line so we can see where the likely day's limits are.
The yellow ADR lines (the potential high and low) are dynamic, i.e the line moves as the day expands and the line will stop moving at 6M value
so if the max pips (6M) are reached near a major support or Resistance level, then that could be a good level to get out of a trade or to reverse trade.
5. Added 2 inputs for the selection of colours for ADR% readings <100% (RED) and >100% (LIME)

NOTE: 1 file is for Empty4 and 1 for MT5
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AVERAGE DAILY RANGE INDICATOR

Postby billv » Tue May 11, 2021 8:56 am

DIFFERENT VIEWS

%= Percentage of the expected daily range of the currency pair
Y= Yesterda's Range
M=Monthly Pip Range
6M= 6 Monthly Pip Range
H= Distance from daily High
L= Distance from daily Low
Adding H+L gives us today's pip range and we can use this information in our trading

View A has all the readings set to = true
View B has the 6 monthly ADR disabled
View C has the 6 Monthly + Monthly ADR disabled
View D has Yesterday's range, + 6 Monthly + Monthly ADR disabled.
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AVERAGE DAILY RANGE INDICATOR

Postby SteveHopwood » Tue May 11, 2021 7:33 pm

Thanks for posting this Bill. It will be a great help to ADR fans. :clap: :clap: :clap: I will highlight it at the weekend.

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AVERAGE DAILY RANGE INDICATOR

Postby billv » Tue May 11, 2021 10:29 pm

SteveHopwood ยป Wed May 12, 2021 6:33 am wrote:Thanks for posting this Bill. It will be a great help to ADR fans. I will highlight it at the weekend.


No worries Steve, I find the yellow lines especially useful, they quickly give me an idea of the potential daily limits and being interactive they are of great help to me.
I have disabled the previous 4 days and I only see today's lines.

I use this indi + the breakeven line indictor in my default templates so when I open a new chart
I can immediately see what my trades are doing.

Please also have a look at the variable peaky, I mentioned a few ideas for making our EA's safer.
:hi:
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