Useful chart set-up for those who trade intraday.I use it to assess targets and set stops whilst trading the daily pivot range for my intraday trades.
I don't use it for entries, but i'm sure it can be used as such...
Built around ADR 14 Static (from open) and Dynamic (current high/low of day), with a daily open and daily vwap for those who like to enter at Value.
You are always looking for Price to move between 75% and 100% of ADR 14 on an average day.
e.g if price moves bearish from daily open, your target is between 75% and 100% ADR14 Static. Once the direction is confirmed, you use the Dynamic ADR14 ( the red and green lines on the chart below ) to manage your target 1 (70%) and target 2 (100%).
You can add additional ADR target % if you want, eg 125%, 150% etc
You can also use it to set intial stops and to move your stops up/down as Price develops throughout the daily auctions.
Requires 2 instances of the ADRrange on chart indicator, so use of magic number required. Template added below with indicators, so easier option is to add indicators to indicator folder and load up template, and it should all be ready to go...
Useful additions to the chart might include 11/21/55 EMA HLC/3 moving averages, if you plan to use it to trade rather than monitor....
Please also post the mq4 files.
mql4 is source code.
We don't allow a topic with ex4 (compiled files) only on this forum. Nothing personal.