Average Daily Range Scalper
- Indicators
- Version: 1.0
- Activations: 20
Super-Accurate ADR Scalping Machine for MT5
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Checkout many example setups here, Happening Every Day: https://www.mql5.com/en/market/product/154469/comments
Love it? Hate it? Let me know in a review! Feature requests and ideas for new tools are highly appreciated. :)
What It Does:
The ADR Lines Indicator automatically calculates the Average Daily Range (ADR) and plots dynamic support and resistance levels directly on your MT5 chart. By integrating real-time data for today's high, low, and the daily open, it provides a complete visual roadmap for your intraday trading decisions.
Key Features:
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Smart ADR Calculation: Precisely computes the average high-low range over a customizable period (default: 20 days).
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Flexible Projection Modes: Choose to project ADR levels from Today's Open (using ±50% of the ADR) or from Today's Low (using the full ADR range).
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Real-Time Visuals: Today's High and Low lines update automatically as the market moves.
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Live Information Panel: An integrated dashboard displays critical data: the ADR value in pips, today's current range, and the ADR completion percentage.
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Full Customization: Easily adjust all line colors, styles, and widths to match your trading workspace and preferences.
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Seamless Control: Manually refresh levels with the F5 key or enable auto-refresh on each new bar.
Trading Strategies & Applications:
1. Range Breakout (For Scalpers & Day Traders)
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Setup: Identify consolidation near the Daily Open during the first 1–2 hours of the session.
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Entry: Enter on a confirmed breakout above the ADR High (long) or below the ADR Low (short).
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Management: Place a tight stop-loss (5–10 pips). Take profit at the opposite ADR level.
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Best Timeframe: M5, M15, H1
2. Mean Reversion (For Swing Traders)
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Setup: Spot potential exhaustion when price touches the ADR High or Low early in the day.
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Entry: "Fade" the move by shorting at the ADR High or going long at the ADR Low, confirming with a momentum shift (e.g., a bearish/bullish candlestick pattern).
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Management: Use a wider stop-loss (10–15 pips beyond the level). Target the Daily Open or the opposite ADR level.
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Best Timeframe: H1, H4
3. Volatility-Based Position Sizing
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Low Volatility (ADR Completion < 30%): Expect smaller moves; use tighter stops and reduced position sizes.
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Normal Volatility (30–70%): Trade with your standard risk parameters.
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High Volatility (> 70%): Prepare for larger swings; consider wider stops and potentially scaling into trends if there's still room to run.
4. Daily Bias & Intraday Execution (Hybrid Strategy)
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Bullish Bias: If price sustains above the Daily Open, look to buy dips toward it and take profits at the ADR High.
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Bearish Bias: If price holds below the Daily Open, look to sell rallies toward it and cover at the ADR Low.
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Bias Reversal: A confirmed break of an ADR level combined with a close beyond the Daily Open signals a potential trend shift.
Pro Tips for Optimal Use:
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ADR Period: 20-30 days is ideal for most Forex pairs, capturing a full volatility cycle.
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Context is Key: ADR levels are most powerful when they align with traditional support/resistance or key Fibonacci levels.
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Session Awareness: London and NY session opens often trigger breakouts; late-session moves often see reversals.
Perfect For Traders Who:
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Employ range breakout or mean reversion strategies.
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Need dynamic, volatility-adjusted support and resistance levels.
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Want to manage risk and position size based on real-time market context.
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Trade across Forex, Crypto, Stocks, or Indices.
