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ADR Average daily Range Indicator

  • #61
  • Jul 25, 2020 9:27am Jul 25, 2020 9:27am
Quoting Vizqueen
Please add alerts including prush once price is near and reaches the percentage
Good idea, I will add it to the next version
Have a nice day
  • #62
  • Jul 25, 2020 9:54am Jul 25, 2020 9:54am
Quoting PeterE
{quote} 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.
I don't thing we need to do much fine tuning, or to worry about the number of M days being 20, or 30
because the pip difference will be small, plus there are no guarantees that price will follow the ADR.

Personally I prefer to look at an average of a much longer period than 30 days.
On my multipair charts I monitor the following:
ADR%
Y
6M (set to 200 days or approx 9 trading months)
H + L
Have a nice day
  • #63
  • Jul 25, 2020 10:06am Jul 25, 2020 10:06am
By multipair do you mean this indicator can show ADR of different pairs on one chart?

Colour change when ADR is reached for a pair good.
Without despair & distraught, focus on Patience to FRESH MOTiVES.
  • #64
  • Jul 25, 2020 4:37pm Jul 25, 2020 4:37pm
Quoting billv
{quote} I don't thing we need to do much fine tuning, or to worry about the number of M days being 20, or 30 because the pip difference will be small, plus there are no guarantees that price will follow the ADR. Personally I prefer to look at an average of a much longer period than 30 days. On my multipair charts I monitor the following: ADR% Y 6M (set to 200 days or approx 9 trading months) H + L

what's your view on when to begin the new day for ADR; NY, GMT, other?
I suspect the majority are using NY open
  • #65
  • Jul 25, 2020 5:36pm Jul 25, 2020 5:36pm
Quoting skyf
By multipair do you mean this indicator can show ADR of different pairs on one chart?.
Not on one chart
I look at 20 charts simultaneously (tile view) on 1 MT4


Quoting skyf
Colour change when ADR is reached for a pair good.
Ok I can make the ADR % change colour when it reaches 100
I will do it when I add the alert.
Have a nice day
  • #66
  • Edited 6:45pm Jul 25, 2020 5:41pm | Edited 6:45pm
Quoting PeterE
{quote} what's your view on when to begin the new day for ADR; NY, GMT, other? I suspect the majority are using NY open
The indicator uses MT4 days so in my case the day starts at GMT+2 which is my broker's time.

Would it show a different ADR reading if it started a day at NY open?
Yes it would, but the ADR % which is derived from the H L reading, would be adjusted to compensate, so I don't know if the different pip count would be useful.
I will look into it.
Have a nice day
  • #67
  • Jul 25, 2020 5:44pm Jul 25, 2020 5:44pm
there is an indi over here that allows the user to calculate probabilities regarding ADR....a useful tool!

by perusing the calculations of various ADR periods the user can somewhat optimize the period for different markets

I dont see much difference between 30 and 20
Attached Image
  • #68
  • Jul 25, 2020 6:43pm Jul 25, 2020 6:43pm
Quoting PeterE
there is an indi over here that allows the user to calculate probabilities regarding ADR....a useful tool!
Thank you, I watched the video,

The many percentages look interesting but they are not going to be useful to me.
We have to be careful not to over analyse things or it will affect our decision making ("Analysis Paralysis" Syndrome)

However, drawing an upper and lower line could be useful.
I will add it in the next release.
Have a nice day
  • #69
  • Jul 25, 2020 6:52pm Jul 25, 2020 6:52pm
Quoting billv
{quote} Thank you, I watched the video, The many percentages look interesting but they are not going to be useful to me. We have to be careful not to over analyse things or it will affect our decision making ("Analysis Paralysis" Syndrome) However, drawing an upper and lower line could be useful. I will add it in the next release.
yes, you are right, we must guard against analysis paralysis

that said, for intraday traders, those who like to be flat come rollover, ADR stats are a useful tool
  • #70
  • Jul 25, 2020 7:09pm Jul 25, 2020 7:09pm
another interesting concept related to ADR is ASR (av. session range)

again, more useful to the intraday trader
Attached Image (click to enlarge)
Click to Enlarge Name: 26.07.2020_10.05.39_REC.png Size: 33 KB
  • #71
  • Jul 26, 2020 8:27am Jul 26, 2020 8:27am
Quoting billv
{quote} Not on one chart I look at 20 charts simultaneously (tile view) on 1 MT4 {quote} Ok I can make the ADR % change colour when it reaches 100 I will do it when I add the alert.
20 charts wow......isn't that a tediius why not make the indicator multipair instead.
Without despair & distraught, focus on Patience to FRESH MOTiVES.
  • #72
  • Jul 26, 2020 8:18pm Jul 26, 2020 8:18pm
Quoting skyf
{quote} 20 charts wow......isn't that a tediius why not make the indicator multipair instead.
Those 20 pairs are not for the ADR, I 'm looking at other things.
Making the indicator multipair, will only add clutter to the chart and make it unusable for anything else.
Have a nice day
  • #73
  • Jul 27, 2020 2:47pm Jul 27, 2020 2:47pm
How can I see past days value if I need to backtest?
There is no try
  • #74
  • Jul 30, 2020 6:22pm Jul 30, 2020 6:22pm
Quoting Wise-Jedi
How can I see past days value if I need to backtest?
You can't, not with this indicator
Have a nice day
  • #75
  • Edited Jul 31, 2020 7:25am Jul 30, 2020 6:35pm | Edited Jul 31, 2020 7:25am
New Version 4.0 for MT4

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, that that could be a good level to get out of a trade or to reverse trade.
Attached Image (click to enlarge)
Click to Enlarge Name: AVERAGE DAILY RANGE.png Size: 24 KB
Attached File(s)
File Type: mq4 Average Daily Range - V4.0.mq4   14 KB | 1,074 downloads
Have a nice day
  • #76
  • Edited Jul 31, 2020 7:23am Jul 30, 2020 6:38pm | Edited Jul 31, 2020 7:23am
New Version 4.0 for MT5

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, that that could be a good level to get out of a trade or to reverse trade.
Attached Image (click to enlarge)
Click to Enlarge Name: AVERAGE DAILY RANGE.png Size: 24 KB
Attached File(s)
File Type: mq5 Average Daily Range - V4.0.mq5   18 KB | 618 downloads
Have a nice day
  • #77
  • Aug 2, 2020 3:52am Aug 2, 2020 3:52am
New Version 4.01 for MT4

Added 2 inputs for the selection of colours for ADR% readings
<100% (RED) and >100% (LIME)
Attached File(s)
File Type: mq4 Average Daily Range - V4.01.mq4   14 KB | 1,345 downloads
Have a nice day
  • #78
  • Aug 2, 2020 3:55am Aug 2, 2020 3:55am
New Version 4.01 for MT5

Added 2 inputs for the selection of colours for ADR% readings
<100% (RED) and >100% (LIME)
Attached File(s)
File Type: mq5 Average Daily Range - V4.01.mq5   18 KB | 687 downloads
Have a nice day
  • #79
  • Aug 3, 2020 6:33am Aug 3, 2020 6:33am
hello,
nice indicator but its difficult for me to see...
can you add option for background color so that strip will bi more visible,
Thanks,
  • #80
  • Aug 5, 2020 8:29am Aug 5, 2020 8:29am
Quoting Sincere007
hello, nice indicator but its difficult for me to see... can you add option for background color so that strip will bi more visible, Thanks,
Have you tried to change the font colors?
Inputs: FontColor Fontcolor2
Have a nice day
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