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OPEN-SOURCE SCRIPT

Average Daily Range Zones

By colejustice
Updated
The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This range is is overlaid and centered on the day's open, and tends to act as areas of support and resistance . This indicator provides two aggregation periods, creating a range that represents volatility in the ADR; a wider spread indicates greater recent volatility , and vice-versa.

Thanks to hank Hill for the original idea and ToS script this is based on, and TV for the feedback and support on the use of the security() function.
Release Notes
Added a toggle to display the ADR on today's session only.
Release Notes
Added toggleable standard deviation levels.
Release Notes
Fixed a type in the settings menu.
Release Notes
  • Cleaned up some inputs, improved visibility of base ADR levels, and added more customization for visibility.
  • Added a Custom Timeframe option (changes the "Daily" part of "Average Daily Range").

Also, if you like this indicator, check out some of my other work!
Release Notes
Added a toggleable Day Open plot with fill between open and upper/lower ADR.
Release Notes
  • Updated to PineScript v5
  • Added a toggle for the fill between the day open and first ADR.
Release Notes
  • Added a toggle to disable all plots on non-intraday timeframes.
  • Added color customization options in Inputs.
Release Notes
  • Added a "dynamic" mode toggle that hides the standard deviations zones until price crosses the previous ADR level. Defaults to "ON".
Release Notes
  • Added two more standard deviation levels to account for recently wide swings in all major indices.
  • The first ADR (21 by default) now always draws thicker white lines on each zone.
Release Notes
  • Updated toggles to allow dynamic mode to ignore deselected standard deviations.
Release Notes
  • Added Variance as an alternative to Standard Deviation when drawing extra zones.
ADRaveragedailyrangeHistorical VolatilityresistencesupportSupport and Resistance
colejustice
Thanks for using my indicators; I hope they make you money! Check out the website link for more, and thanks for your support!

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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