Using ADR to set intraday targets and trade monitoring.

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SocraticDojo
20
SocraticDojo  

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....


GBPUSD 2018_08_06

Marco vd Heijden
Moderator
7325
Marco vd Heijden  

Please also post the mq4 files.

Thanks.

SocraticDojo
20
SocraticDojo  
Marco vd Heijden:

Please also post the mq4 files.

Thanks.

strangely, i did... must be my fault somewhere... anyway....  trying again... should be attached below
Alain Verleyen
Moderator
35793
Alain Verleyen  
SocraticDojo:
strangely, i did... must be my fault somewhere... anyway....  trying again... should be attached below

mql4 is source code.

We don't allow a topic with ex4 (compiled files) only on this forum. Nothing personal.

SocraticDojo
20
SocraticDojo  
SocraticDojo:
strangely, i did... must be my fault somewhere... anyway....  trying again... should be attached below
AlexUy
23
AlexUy  
This is nice.
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