Indicator Z ADR Daily Weekly Monthly Range Alerts
- Clive Tyler
- Version: 1.0
- Aktivierungen: 5
Average Daily Weekly Monthly Range Alerts.
The most complete multi-period dynamic range indicator with full alert options. Visually displays the Average Range lines on chart + real time distances to the Range Highs and Lows. Notifications are sent when the average ranges are hit.
An essential tool for any serious trader!
Average period ranges, especially the ADR (Average Daily Range) for day traders, are one of the most useful and consistently reliable indicators available to traders. Always avoid taking continuation trades AFTER the range is hit, and use your own reversal strategies to trade back into the range (RANGE HIGH HIT = ONLY SELL / RANGE LOW HIT = ONLY BUY). Always set safe Take Profit targets WITHIN the range. Exit open trades or watch the market closely for signs of reversal AFTER the range is hit.
This indicator gives you full alert options for Daily, Weekly and Monthly ranges, which allows you to trade with confidence in sync with what the market is consistently doing every day, week and month.
The ADR is undoubtedly the most useful and reliable indicator for Forex & Commodities day traders. Testing has shown that on average ADR10 (10 day period) is the overall best measure of daily volatility, but keep a close eye on ADR5 to spot changes in volatility (if ADR5 is significantly different from ADR10, you know that daily volatility is currently in the process of changing). Apart from these periods of change, you will notice that ADR5 and ADR10 are remarkably similar, and that price generally always respects the ADR, meaning that it nearly always hits the ADR each day, and often retraces back inside the range before the close, providing reliable end of day reversal opportunities after strong moves beyond the range, which demonstrates just how consistent the markets are if you have the right tools to measure it.
Equally, if you are able to pick the right trend direction, or you enter at the correct side of a range, you can use the ADR to safely maximize your daily profit targets (use 70-80% of ADR as a safe daily range for calculating take profits). This gives you the confidence to hold winning trades longer than if you are unsure how far price moves per day. It also keeps you out of bad trend continuation trades after the ADR or AWR has already been hit (price will invariably stall or retrace back inside the range).
General wisdom says that weekly trending moves between the Midweek Reversal and the End of Week / Friday Reversal are usually equivalent to 2-3 x ADR, but with Average Weekly Range (AWR) you can now know exactly how far price moves each week, which gives you far greater precision and confidence to maximize take profit calculations. This will have a big impact on your average Reward:Risk Ratio, which is the key to long term profitability in trading.
Set Take Profit targets for day trades within the ADR (Average Daily Range)
Exit day trades after the ADR has been hit;
Trade the Afternoon Reversal at the High/Low of the Day after the ADR has been hit;
Set Take Profits for weekly trend trades within the AWR (Average Weekly Range);
Exit Midweek Reversal trades after the AWR has been hit;
Trade the End of Week / Friday Reversal after the AWR has been hit;
Enter / Filter longer term swing trades after the AMR has been hit to minimize draw down (Average Monthly Range)
| "AVERAGE DAILY RANGE HIT (SELL): GBPUSD 1.01234 02-08-19 16.15" |
| "AVERAGE DAILY RANGE HIT (BUY): GBPUSD 1.01234 02-08-19 16.15" |
| "AVERAGE WEEKLY RANGE HIT (SELL/BUY): GBPUSD 1.01234 02-08-19 16.15" |
| "AVERAGE MONTHLY RANGE HIT (SELL/BUY): GBPUSD 1.01234 02-08-19 16.15" |
· Display DAILY, WEEKLY, MONTHLY ranges (default = All ON)
· Select Average Range PERIODS (default = 10)
· Select Range LINE COLORS (you can use different colors for the Range High & Range Low lines)
· Select text LABEL COLOR & FONT SIZE
· Select ALERT TYPES:
Pop Up Alert
MT4 Push Notifications
· Restrict Alerts using up to 2 ALERT TIMERS (default = timers OFF / notifications always sent)
· Restrict Alerts by DAYS OF THE WEEK (default = alerts ON every day)
For CUSTOM volatility readings at ANY time of day SEE ALSO:
INDICATOR Z VERTICAL LINES: https://www.mql5.com/en/market/product/67058
Very Useful for Time of Day Trading!
Best of its kind. Period. Update: This indicator is too good to be true.