I have just read Igor Toshchakov:

I assumed at first that I could get this measurement by taking wilder's

But after looking into wilders ATR indicator- he takes the previous bars close for the opening price for the next bar. If you are familar with the definition of the indicator you are aware of what I am talking about.

Igor is trying to set a price objective rule based on the probability that a currency will reach its daily range every trading day.

Ex. A pair has a average daily trading range of 100 pips

A pair during asian session-in a tight intraday horizontal channel 20 pips wide

100pips-20pips= 80 pip profit target on breakout from horizontal range

Should I just use wilders ATR indicator set to 30 periods/daily chart??

Does a better method exsist for this purpose??

Any thoughts on what indicator I should use??

Thanks in advance, M Rippy

*Beat The Odds in Forex*. In the book most of his setups(templates) use profit targets based on the Average Daily Range of a currency- that being the last couple of months.I assumed at first that I could get this measurement by taking wilder's

**average true range indicator**on a daily chart and set the lookback period to 30(to get a month's average).But after looking into wilders ATR indicator- he takes the previous bars close for the opening price for the next bar. If you are familar with the definition of the indicator you are aware of what I am talking about.

Igor is trying to set a price objective rule based on the probability that a currency will reach its daily range every trading day.

Ex. A pair has a average daily trading range of 100 pips

A pair during asian session-in a tight intraday horizontal channel 20 pips wide

100pips-20pips= 80 pip profit target on breakout from horizontal range

**This is a very rudimentary example of his "templates" in his discrete-systematic method. I am just trying to find the proper indicator or procedure for determining a pairs average daily range based on the last 30 days.**Should I just use wilders ATR indicator set to 30 periods/daily chart??

Does a better method exsist for this purpose??

Any thoughts on what indicator I should use??

Thanks in advance, M Rippy