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ADR Average daily Range Indicator

  • #41
  • Jun 16, 2020 12:50am Jun 16, 2020 12:50am
Quoting psylence
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!
Anyone?
  • #42
  • Jun 23, 2020 8:08am Jun 23, 2020 8:08am
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...
Is the high and the low calculated from the previous day?
Learn from your mistakes and march on.
  • #43
  • Jun 23, 2020 3:26pm Jun 23, 2020 3:26pm
Quoting here2there
{quote} Is the high and the low calculated from the previous day?
No they are from today but it uses the MT4's chart time.
(the day starts at the most recent period separator line)
Have a nice day
  • #44
  • Jun 23, 2020 3:32pm Jun 23, 2020 3:32pm
Quoting billv
{quote} No they are from today but it uses the MT4's chart time. (the day starts at the most recent period separator line)
So is it actually the Average Daily Range that is being used to determine the percentage or something else? I ask, because I have an ADR indicator on my chart with yours there also, and the percent was 155%, but it was nowhere near that amount on the other indicator which has the ADR period set for 15.
Learn from your mistakes and march on.
  • #45
  • Jun 23, 2020 3:39pm Jun 23, 2020 3:39pm
Quoting psylence
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!
Sorry I didn't see your post, here is the MT5 version.
I also include a settings file (change the file type to .set)
Attached File(s)
File Type: ex5 Average Daily Range - V3.9-1.ex5   41 KB | 1,129 downloads
File Type: txt average daily range settings.txt   < 1 KB | 827 downloads
Have a nice day
  • #46
  • Edited 10:22pm Jun 23, 2020 4:20pm | Edited 10:22pm
Quoting here2there
{quote} So is it actually the Average Daily Range that is being used to determine the percentage or something else? I ask, because I have an ADR indicator on my chart with yours there also, and the percent was 155%, but it was nowhere near that amount on the other indicator which has the ADR period set for 15.
The other indicator you are referring to is not mine.

The calculation for the ADR % is very simple,
the indicator compares today's daily move against the average of input NumOfDays_6M
so if your 6M figure on the chart is 77 and the H=2 and L=4 then today's range= 2+4= 6
and therefore the ADR % will be approx 7% (it is rounded up or down)

The accuracy of the ADR % figure is not critical in our trading, (it will not make any difference if it was showing 5% or 9%)
I realize that the ADR reading is probably not going to be useful to many people and as such they don't need to use it.
But I use it as a quick reference when I scan 20 charts because I want to be able to see how far a currency pair has traveled (today).

The basic idea is that if today's range is very small (compared to the average), then perhaps we should take the day off and go for a swim.
Or if it has reached 120% and we are approaching lunch time in New York then perhaps the possibility of price reaching exhaustion and reversing is higher than if the time was 8am London.
Have a nice day
  • #47
  • Jun 23, 2020 4:46pm Jun 23, 2020 4:46pm
Quoting billv
{quote} The other indicator you are referring to is not mine. The calculation for the ADR % is very simple, the indicator compares today's daily move against the average of input NumOfDays_6M so if your 6M figure on the chart is 77 and the H=2 and L=4 then today's range= 2+4= 6 and therefore the ADR % will be approx 7% (it is rounded up or down) The accuracy of the ADR % figure is not critical in our trading, (it will not make any difference if it was showing 5% or 9%) I realize that the ADR reading is probably not going to be useful to many people...
I get it now. I figured out that by changing M to 15 days, I get the same number for the other ADR indicator. The percentage is helpful, because if the percentage is at 7% and a currency strength meter is showing one currency to be gaining power over the other within a pair, then it's likely a good opportunity to plan a trade for that pair, since there is still much room to work with for the day.

I like your indicator! Thanks for sharing it.
Learn from your mistakes and march on.
  • #48
  • Jun 25, 2020 1:50am Jun 25, 2020 1:50am
Quoting billv
{quote} Sorry I didn't see your post, here is the MT5 version. I also include a settings file (change the file type to .set) {file} {file}
Hi, many thanks for this! I have tested it on my MT5 terminal and have 2 issues to report however.

1) The spacing between each part is big. Refer to attached screenshot.
2) After deleting the indicator, the values are still present and adding the indicator right again will not get it working again.

Could you assist please?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2020-06-25 at 4.48.19 PM.png Size: 289 KB
  • #49
  • Jul 1, 2020 3:24pm Jul 1, 2020 3:24pm
Quoting billv
{quote} Sorry I didn't see your post, here is the MT5 version. I also include a settings file (change the file type to .set) {file} {file}
Hello Billv !!
Is it possible get the mql5 to use at EA?
Tks
"What is impossible with man is possible with God" - Luke 18:27
  • #50
  • Jul 1, 2020 7:47pm Jul 1, 2020 7:47pm
Quoting psylence
{quote} Hi, many thanks for this! I have tested it on my MT5 terminal and have 2 issues to report however. 1) The spacing between each part is big. Refer to attached screenshot. 2) After deleting the indicator, the values are still present and adding the indicator right again will not get it working again. Could you assist please? {image}
ok the new version I'm working on, will address these issues.
Meanwhile, if you want to remove it, close the old chart and open a new chart
Have a nice day
  • #51
  • Jul 3, 2020 10:52pm Jul 3, 2020 10:52pm
Quoting billv
{quote} ok the new version I'm working on, will address these issues. Meanwhile, if you want to remove it, close the old chart and open a new chart
Hi Billv, many thanks for your assistance!

I realised that the Journal log is also reporting memory leaks and is clashing with my EA. Not sure if it is because I put it on around 12 charts or there might be an issue with the porting over to MQL5. Am just reporting on the issues to help you clear any bugs that hasn't been reported yet.

Cheers!
  • #52
  • Jul 4, 2020 1:44am Jul 4, 2020 1:44am
Quoting psylence
{quote} Hi Billv, many thanks for your assistance! I realised that the Journal log is also reporting memory leaks and is clashing with my EA. Not sure if it is because I put it on around 12 charts or there might be an issue with the porting over to MQL5. Am just reporting on the issues to help you clear any bugs that hasn't been reported yet. Cheers!
Thanks, Its good to get your feedback.

What do you mean its "clashing with the EA"?
Can you attach a copy of your log?
Right click on the message inside the journal and select open.
Locate the most recent file and post it here.

Let me know if you notice anything else.
Have a nice day
  • #53
  • Edited 6:44am Jul 7, 2020 5:38am | Edited 6:44am
New Version for MT4 (please Delete version 3.9-7 it has a small bug)
3 new inputs have been added

Recent_Days_Weighting = 5;
It counts the average daily pip range of the last 5 trading days

M6_Trading_weighting
When=true the indicator adds the 5 day average pips to the 6M figure
So the more recent price action has more weight to the 6M figure.

Weighting_To_ADR_percentage
When=true the indicator adds the 5 day average pips to the ADR% figure
Attached File(s)
File Type: mq4 Average Daily Range - V3.9-8.mq4   10 KB | 1,126 downloads
Have a nice day
  • #54
  • Edited 6:44am Jul 7, 2020 5:39am | Edited 6:44am
New Version for MT5
3 new inputs have been added (please Delete version 3.9-7 it has a small bug)

Recent_Days_Weighting = 5;
It counts the average daily pip range of the last 5 trading days

M6_Trading_weighting
When=true the indicator adds the 5 day average pips to the 6M figure
So the more recent price action has more weight to the 6M figure.

Weighting_To_ADR_percentage
When=true the indicator adds the 5 day average pips to the ADR% figure
Attached File(s)
File Type: mq5 Average Daily Range - V3.9-8.mq5   14 KB | 960 downloads
Have a nice day
  • #55
  • Jul 7, 2020 6:38am Jul 7, 2020 6:38am
Quoting billv
New Version for MT5 3 new inputs have been added Recent_Days_Weighting = 5; It counts the average daily pip range of the last 5 trading days M6_Trading_weighting When=true the indicator adds the 5 day average pips to the 6M figure So the more recent price action has more weight to the 6M figure. Weighting_To_ADR_percentage When=true the indicator adds the 5 day average pips to the ADR% figure {file}
Great Job billv !!
God Bless You
"What is impossible with man is possible with God" - Luke 18:27
  • #56
  • Jul 9, 2020 4:01am Jul 9, 2020 4:01am
I think Billy deserves a lot of credit for his work because sometimes FF members demands can be vague, unrealistic and plain unreasonable, so you need a lot of tolerance and patience just to deal with all of that !!!

Top work Billy and I agree ADR is not the be all and end all but used together with other confluences can aid placing trades ...
  • #57
  • Jul 11, 2020 4:21am Jul 11, 2020 4:21am
New Version 3.9-9 for MT4
Added 1 input to be able to turn off the ADR % because some people who only trade 1 currency pair
they already know the range of their pair and they only want to see the H and L figure
Attached Image (click to enlarge)
Click to Enlarge Name: ADR.png Size: 4 KB
Attached File(s)
File Type: mq4 Average Daily Range - V3.9-9.mq4   10 KB | 872 downloads
Have a nice day
  • #58
  • Jul 11, 2020 4:22am Jul 11, 2020 4:22am
New Version 3.9-9 for MT5
Added 1 input to be able to turn off the ADR % because some people who only trade 1 currency pair
they already know the range of their pair and they only want to see the H and L figure
Attached File(s)
File Type: mq5 Average Daily Range - V3.9-9.mq5   15 KB | 738 downloads
Have a nice day
  • #59
  • Jul 22, 2020 5:38am Jul 22, 2020 5:38am
Please add alerts including prush once price is near and reaches the percentage
  • #60
  • Edited 5:40am Jul 25, 2020 5:23am | Edited 5:40am
Quoting billv
Hi, I have been using an ADR indicator for a few years now .....
I've always started ADR calculations at 1700 NY/ 2100 GMT (in summer).
Do you think there is an optimum start time...how about starting at the London session, 1000 GMT?

Did you manage to optimise the ADR period? I use 30, but it seems to vary from trader to trader.
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