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ADR - Average Daily Range With Forecast
Updated
I always liked the MT4 ADR indicator that was going around but never found a decent port of it in tradingview. I also noticed that the way most people were doing the ADR calculation using SMA was not always accurate and that bothered me so I decided to write one from scratch which gave a very specific ADR calculation.
On the MT4 version it would project ADR targets on the high and low side. While I liked that I thought it could be improved upon by determining orderflow and anchoring to the perceived low of day to give you a more realistic target.
I also included a percentage of current ADR as well as changed the color to red once ADR was hit.
Configuring is very simple:
I hope you enjoy it.
On the MT4 version it would project ADR targets on the high and low side. While I liked that I thought it could be improved upon by determining orderflow and anchoring to the perceived low of day to give you a more realistic target.
I also included a percentage of current ADR as well as changed the color to red once ADR was hit.
Configuring is very simple:
- Max Timeframe To Display: you can set what timeframes to show adr (I know tradeingview lets you set this now but I still like it here)
- Display Average Range As FOREX pips: Some Instruments use whole numbers so you can toggle if you need too
- ADR Length Parameter: Sets Number of Days Lookback to Calculate ADR
I hope you enjoy it.
Release Notes
Added Color and Text SelectorAlso Added some logic to accept crypto types
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