ADR Scalping Indicator MT5
This is easilly the most overlooked indicator that gives you most insights in price action. It's the only indicator I use myself.
This indicator gives you insights on how much price will move today, and in which direction most likely.
ADR stands for average daily range. If you trade or scalp intraday, you must know the range of how much price will move.
Let's say price has moved half of what is normal for the day, and it's in the bottom of price action, it is more likely that price continues to move down, rather than moving ALL the way up again to reach the average daily range. Price always seeks to move for the average daily range.
You will also be given dynamic support and resistance. When price has moved as much as the average range, you can trade towards the middle.
This indicator will also let you know if price is likely to bounce from a trendline or not. So if you like to trade using trendlines, this is the indicator for you!
You get 3 types of ranges.
1. Black range - Current range based on current price but magnets to either top or bottom if price moves more than on average. This range will eventually when price has moved more than 50% of ADR be aligned with one of the other two ranges.
2. Green range - How far will price move on average if we calculate from todays low?
3. Red range - How far will price move on average if we calculate from todays high?