- average daily range for X number of days is Y
- based on today's opening price Z ,
plot straight line of Z + Y, Z - Y, Z+Y/2 , Z-Y/2
Do you want to use ADR indicator for average daily range?
what do you mean?
i hope to be able to input Average Daily Range of how many daily candle..
like 5 or 20 etc
That can be done if you tell me how should Average Daily Range be calculated.
I made an indicator that plots lines on the chart, 5 lines in total:
middle yellow line is the open of the day
higher blue lines are open+adr/2 and open+adr
lower pink and red lines are open-adr/2 and open-adr
You'll need the original Average Daily Range v1.0 (can be found in the thread) in the indicators folder for this indicator to work.
Hope this helps.
PS: the only parameter doesn't change anything, I simply forgot to remove it.
u r very helpful can u make another one based on the ADR of X ( for example 5)
= (X1+X2+X3+X4+X5) /5
ie, simple average daily range
You want smoothed ADR? What are X1...X5 values? ADR of 1 day ago, ADR of 2 days ago, ADR of 3 days ago ect?
I made another version with variable number of days for average daily range calculation (high minus low of a number of days divided by the number of days). Please test before use!
thanks alot !!!!!
Thanks Shinigami for your indicator, it's awesome! One thing could make it even better, any chance to add gmt time shift to it?
Asian hours Range Breakout method(Coders needed)
Appreciate if anyone can code this simple Asian hours Range Breakout method entering European start(USD pairs):
Place Buy stop Xpips above Asian hours highest price level and Sell stop Xpips below lowest level (OCO orders). Enter 2 separate lots at same time.
Set first lot's Stop loss level away from entry at half the total Asian hour range.
Set 2nd lot's Stop loss level away from entry at the other end of the total asian hours' range.
Take profit of 1st lot at total distance of Asian hour range and trigger a trailing stop (of half the range distance) for 2nd lot simultaneously.
5 day ADR combining Sunday with Monday
If this has already been offered please tell me where!
The Sunday candle is throwing off the 5 day ADR. Sunday is a much shorter day and it really messes up the average.
Is there any way to get around this?
I need to be able to use a 5 day ADR indictor on my 1H charts that shows the high or low of the 5 day ADR for that day.
I THINK Shinigami may have offered the code with a variable based on looking at the hourly data and just blocking this back in 24 hour increments, but I'm really not sure.
Thanks for any help!!!