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ADR Average daily Range Indicator

  • #21
  • Nov 20, 2019 10:17pm Nov 20, 2019 10:17pm
Quoting billv
Hi, I have been using an ADR indicator for a few years now because I need to know how many pips a currency pair has moved in relation to yesterday, and long term, monthly or 6 monthly. and also how far price has moved from the low or high of the day. The indicator prints the current pip distance from the daily top and to the daily bottom 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 low and high in our head we can quickly see how many pips the pair...
Allow me to point something out for you. The "D" in ADR stands for DAILY... but yet, there is NO "Daily" setting in your indicator... = FAIL
  • #22
  • Nov 21, 2019 6:42am Nov 21, 2019 6:42am
Quoting mike22
{quote} Allow me to point something out for you. The "D" in ADR stands for DAILY... but yet, there is NO "Daily" setting in your indicator... = FAIL
Please be more specific
The indicator measures the daily number of pips and prints out an average,
There are settings for the number of days, what other daily setting are you thinking of?
Have a nice day
  • #23
  • Dec 16, 2019 8:01am Dec 16, 2019 8:01am
Does anyone knows the ADR indicator that is showing several ADRs at the same time? I've seen it on some people charts but cannot find it anywhere. It can show ADR 5, ADR 20, and ADR 100 as an example? Maybe the other numbers but it was more than 2 for sure.
  • #24
  • Dec 16, 2019 8:33am Dec 16, 2019 8:33am
Quoting nonameatall
Does anyone knows the ADR indicator that is showing several ADRs at the same time? I've seen it on some people charts but cannot find it anywhere. It can show ADR 5, ADR 20, and ADR 100 as an example? Maybe the other numbers but it was more than 2 for sure.
Here is the one that sows on any time frame same ADR as its daily.
Attached File(s)
File Type: ex4 ADR_Marker.ex4   12 KB | 1,246 downloads
  • #25
  • Dec 16, 2019 9:14am Dec 16, 2019 9:14am
Thanks. No, this is not what I meant. I attached a picture of how it looked - it is not the actual indicator, I just added a text to look like the one I meant. I spent some time digging deeper at ADR and found out that different ADRs are telling different stories, that's why I want to see several of them. Again, this indicator does exist, I just do not know its name and cannot find it in any ADR discussion but I have seen it on people's charts.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 5 KB
  • #26
  • Dec 16, 2019 1:05pm Dec 16, 2019 1:05pm
Quoting nonameatall
Thanks. No, this is not what I meant. I attached a picture of how it looked - it is not the actual indicator, I just added a text to look like the one I meant. I spent some time digging deeper at ADR and found out that different ADRs are telling different stories, that's why I want to see several of them. Again, this indicator does exist, I just do not know its name and cannot find it in any ADR discussion but I have seen it on people's charts. {image}
ADR_PLUS
https://www.forexfactory.com/showthread.php?t=939778
  • #27
  • Dec 16, 2019 5:50pm Dec 16, 2019 5:50pm
Thanks, well that is an option. I probably need a week to figure out how it works, lol. Hopefully the one that I've seen before is simpler than this one. Anyway, thank you for helping me again.
  • #28
  • Edited 12:44pm Dec 17, 2019 12:21pm | Edited 12:44pm
Found the one that I was thinking about - see attached. I renamed it, it was called something else - I don't remember what it was now. Enjoy if you like it.
Attached Image
Attached File(s)
File Type: ex4 ADR Multiple.ex4   11 KB | 1,761 downloads
  • #29
  • Apr 21, 2020 11:35am Apr 21, 2020 11:35am
Quoting billv
Some traders who downloaded the indicator told me that when they were changing timeframes on the chart, the indicator was deleting their trend lines or any other objects they had placed on the chart This version fixes that issue. I'm also attaching the set file {file} {file}

Thank you for awesome ADR ! is that possible to get Today's in pips as well?
Rocks on Bull *
Bull on rocks V3 All Time Return: na
  • #30
  • Apr 23, 2020 9:28am Apr 23, 2020 9:28am
Quoting link.down
{quote} Thank you for awesome ADR ! is that possible to get Today's in pips as well?
By looking at H + L you can quickly work out how many pips the currency pair has done for the day
so if H = 25 and L is 75, the pair has done 100 pips today
Have a nice day
  • #31
  • Apr 23, 2020 9:48am Apr 23, 2020 9:48am
Quoting billv
{quote} By looking at H + L you can quickly work out how many pips the currency pair has done for the day so if H = 25 and L is 75, the pair has done 100 pips today
Hi, yes I can see that but I was saying if it's possible to get the instant calculated thing in indicator it'll be better because you know some people like me sucks in mathematics
Rocks on Bull *
Bull on rocks V3 All Time Return: na
  • #32
  • Apr 24, 2020 6:53pm Apr 24, 2020 6:53pm
Quoting link.down
{quote} Hi, yes I can see that but I was saying if it's possible to get the instant calculated thing in indicator it'll be better because you know some people like me sucks in mathematics
Trust me there is no need, in fact it is important to have as few distractions as possible on our screens so we should remove anything which is not needed.
I now use V3.2 and I have disabled inputs Y,M,M6 so I only see the H and L numbers because I know the ranges of the pairs I trade.
I suggest you do the same because clean charts are very important.
Attached File(s)
File Type: mq4 Average Daily Range - V3.2.mq4   4 KB | 1,197 downloads
Have a nice day
  • #33
  • Apr 24, 2020 7:57pm Apr 24, 2020 7:57pm
Quoting 9jaboy
{quote} i use the "Average Daily Range SR" from mql5 to trade.
I see that is a paid for indicator; I don't see the value in it.

For instance, the data line at the top points out what information it is telling you:

Daily candlestick current direction = up - Awesome, no need for Black / White or Red / Green candles anymore
Period = 14 - most do that
ADR value - pretty normal, this is what the indicator it is!
Current Trading range = 16.0 pips - the decimal place is super accurate
Percentage of the ADR reached = 27.9% - still need to do mental math to work out there is 72.1% available room to move
Daily Range = 16.1 pips - even more accurate than the previous Current Trading range value, but are both necessary?

The problem I have is with the Green lines on the chart. The bottom line is at the current daily low and the top line is showing where an ADR could end up, assuming price never goes down.

What happens when the price goes below the daily open? Does the top green line suddenly drop to the current high of the day and the bottom line descend to predicted low of the ADR? Must be quite a sight if price is ranging around the daily open.

The SM Daily Marker is by far a superior indicator and it's FREE

It projects the ADR high and ADR range low from both the current days' low and high

Those lines are dynamic; meaning they will move with price, but only until the ADR is met, then they are fixed.

You probably need to watch it for a few days to fully understand.

It doesn't give the daily direction (up / down) but I'll stick with candle color or just eyeball that

Attached Image (click to enlarge)
Click to Enlarge Name: 2020-04-25_10-25-35.jpg Size: 198 KB


Attached Image


Attached Image (click to enlarge)
Click to Enlarge Name: 2020-04-25_10-34-07.jpg Size: 120 KB
It takes a lot for me to IGNORE you, but you can try.
  • #34
  • Apr 26, 2020 2:12pm Apr 26, 2020 2:12pm
Quoting billv
{quote} Trust me there is no need, in fact it is important to have as few distractions as possible on our screens so we should remove anything which is not needed. I now use V3.2 and I have disabled inputs Y,M,M6 so I only see the H and L numbers because I know the ranges of the pairs I trade. I suggest you do the same because clean charts are very important. {file}
Oh, great ! thank you
have a great weekend and stay safe !
Rocks on Bull *
Bull on rocks V3 All Time Return: na
  • #35
  • May 4, 2020 7:56am May 4, 2020 7:56am
I am of the opinion that using Average Daily Range for support and resistance is not an effective strategy.

Having said that, ADR is useful for stop loss placement.
Learn from your mistakes and march on.
  • #36
  • May 11, 2020 7:42pm May 11, 2020 7:42pm
Quoting billv
It has been a while since I posted an update. This version is now showing us today's range as a percentage (compared to the 6 monthly ADR) This helps us see how close we are to the expected daily number of pips, so if the day has already reached 100%, then the probability of price pausing and perhaps retracing is better than if the day had only done 18% I have also made the font size +colour + readings, user selectable so the readings are easier to see on our charts. %= Percentage of the expected daily range of the currency pair Y= Yesterda's Range...
Hi Billy! This Indi is very nice !!

If I may ask.. Is there any way to change the % shown to compare with the last month instead the last 6??

Just wondering, it would be much help for my trading.

Thanks!
  • #37
  • May 12, 2020 2:34am May 12, 2020 2:34am
Quoting GMD
{quote} Hi Billy! This Indi is very nice !! If I may ask.. Is there any way to change the % shown to compare with the last month instead the last 6?? Just wondering, it would be much help for my trading. Thanks!
Hello my friend
Can you explain howl it will help you in your trading?
If you don't want to disclose your idea in public you can send me a PM.
Stay safe
Have a nice day
  • #38
  • May 12, 2020 7:23am May 12, 2020 7:23am
Quoting billv
{quote} Hello my friend Can you explain howl it will help you in your trading? If you don't want to disclose your idea in public you can send me a PM. Stay safe
Hey buddy, yes no problem

For me its better comparing to the last month (22 days) because I am intra day trader.

I don't see the point having actual % of today's range compared to the last 6 months because price volatility changes all the time. Take a look at USDCAD atm.. 6 months adr is 88 pips.. 1 month adr is 147 pips... So if I want to take a trade that last a few hours... shouldn't make sense to see 1 month adr??

I calculate the % manually... but it would be usefull to have it this way. At least for me.

Cheers
GMD
  • #39
  • May 12, 2020 10:18am May 12, 2020 10:18am
Quoting GMD
{quote} Hey buddy, yes no problem For me its better comparing to the last month (22 days) because I am intra day trader. I don't see the point having actual % of today's range compared to the last 6 months because price volatility changes all the time. Take a look at USDCAD atm.. 6 months adr is 88 pips.. 1 month adr is 147 pips... So if I want to take a trade that last a few hours... shouldn't make sense to see 1 month adr?? I calculate the % manually... but it would be usefull to have it this way. At least for me. Cheers GMD
You can enable the monthly reading using input M_enable and then set the number of trading days in a month
by default it is 22 days.

Please remember that these are average figures and are mean to give us an idea of the expected number of pips for the pair,
but just because the average of the USDCAD is 88, it doesn't mean that it will do 88 pips today, it may do 40 pips today and 33 tomorrow and then 120 the day after.
This is why I like to look to yesterday's range. If a range was small yesterday, then the chances of having a bigger than average day today is increased.

As you know there are no set rules as to the number of pips a currency pair will do on any day
but we are trying to increase our odds of success by taking into consideration the average daily range or yesterday's range or the distance from the high (H) or the low (L) of the day.

Take care
Have a nice day
  • #40
  • Jun 13, 2020 4:35am Jun 13, 2020 4:35am
Hi Billy, your ADR indiciator is exactly what I was looking for. However is there any possibility to do this indicator in MT5 please?

Cheers!
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