Hi,
I am looking at the Daily ATR data (20-day ATR, 40-day etc) in MT4 and for pre-2006 data it counts Sunday's ATR as one day and it distorts the ATR data because the range for Sunday is very narrow. E.g. If Sunday's range is 25 only and for Monday - Friday it's 120 pips range for each day and so ATR for the 6 days would be (25 +5 x 120) divided by 6 = 104.17 pips daily range. I would prefer to combine the Sunday's and Monday's range as 1 day and so the 5 day range for the week would be 120 pips (or slighly above, depending on whether Sundays' range is within Monday's range). This way I think it's more accurately reflect the ATR data for the days in that week.
So, my question is, is there any any method or indicator that can help me to get around this problem and have MT4 calucates the ATR (daily) data combining Sunday's and Monday's range as 1 day? (from 2006 onwards MT4 already does this as I think it's the way the server provides its information. The problem is that for pre-2006 data, it got the feed from the server that way (MT4 demo and also MIG demo) with Sunday displayed as a separate DAILY CANDLE and I can't have MT4 calculates the daily range as I wanted above).
Any help would be appreciated.
Thanks.
I am looking at the Daily ATR data (20-day ATR, 40-day etc) in MT4 and for pre-2006 data it counts Sunday's ATR as one day and it distorts the ATR data because the range for Sunday is very narrow. E.g. If Sunday's range is 25 only and for Monday - Friday it's 120 pips range for each day and so ATR for the 6 days would be (25 +5 x 120) divided by 6 = 104.17 pips daily range. I would prefer to combine the Sunday's and Monday's range as 1 day and so the 5 day range for the week would be 120 pips (or slighly above, depending on whether Sundays' range is within Monday's range). This way I think it's more accurately reflect the ATR data for the days in that week.
So, my question is, is there any any method or indicator that can help me to get around this problem and have MT4 calucates the ATR (daily) data combining Sunday's and Monday's range as 1 day? (from 2006 onwards MT4 already does this as I think it's the way the server provides its information. The problem is that for pre-2006 data, it got the feed from the server that way (MT4 demo and also MIG demo) with Sunday displayed as a separate DAILY CANDLE and I can't have MT4 calculates the daily range as I wanted above).
Any help would be appreciated.
Thanks.