Gold ADR Daily Range Meter MT4

How much room does gold have left today? This indicator shows the average daily range (ADR) of XAUUSD, how much of it today has already used, where today's ADR high and ADR low are, and how often past days that got this far went on to the full range.

Gold ADR Daily Range Meter draws today's ADR high and ADR low on the chart, fills a bar as the day uses its range and alerts you when the day has used its full ADR. A table counts on your own daily history what usually happens next: once a day had used 50%, 75%, 100% or 125% of its ADR, how often did it go on to 100%, 125% and 150%? Made for gold, works on any symbol. Free.

MT5 version (free)

What gold did (1,000 days of XAUUSD since December 2022, broker data)

• Half of all days stayed under 92% of their ADR
• 41% of days reached their full ADR
• Once a day had used 75% of its ADR, it went on to 100% on 59% of days and to 125% on 33%
• Once a day had used its full ADR, it went on to 125% on 55% of days

Your broker's history gives your own numbers: the table counts them on your chart.

What it draws

• ADR high = today's low + ADR, ADR low = today's high - ADR. Before the day has used its full ADR they show how far price can still go up or down on an average day
• Once the day has used its full ADR the two lines stop moving and mark the full-range box (low + ADR when the up move got there first, high - ADR when the down move did). Price beyond the box is extension
• The day's open (dotted)
• The same lines for the last 5 days, dotted, so you see how past days used their range

The panel

• ADR in dollars for gold and silver, pips for forex, price units for indices and crypto
• Today's range and the share of the ADR it has used, with a bar that marks 100%
• Room up to the ADR high and down to the ADR low from the current price
• The live odds line for today's exact share, e.g. "Of 700 past days that got to 75%, 59% went on to 100%" (it looks at the next step above today's share: 100%, 125%, 150% or 200%)
• The previous day's range and this week's range against the 10-week average

The history table

• Rows: the day's range reached 50%, 75%, 100% or 125% of its ADR
• Columns: how many days got there, and the share of them that went on to 100%, 125% and 150%
• Today's row is highlighted
• Under the table: the median day (in % of ADR) and the share of days that reach their full ADR

The numbers are plain counts of your broker's daily candles: every day's range against the average range of the 20 days before it. Nothing is fitted or optimised.

Alerts

• When today's range has used 100% of the ADR (or any share you set, 0 = off), once per day
• Popup, sound, push to the MetaTrader app on your phone, e-mail

How to use it

• Put it on any chart from M1 to D1: the daily numbers are the same on every timeframe
• Before a trade: is there still room to the target, or has gold already used most of its usual day?
• Take-profit and stop distances: compare them with the ADR and the room left
• Afternoon breakouts after a full-ADR morning: the table shows how often such days really extended
• Sunday candles of brokers on GMT count with Monday; markets that trade every day (crypto) keep every day

Limitations

• A day here is your broker's day (server time). Brokers with another time zone cut days differently, so their numbers differ a little
• The lines are fixed by candle highs and lows; inside one candle the order of moves is unknown
• Past behaviour does not guarantee future behaviour. This is a measuring tool, not a trading signal

Inputs

• ADR: average of the last 20 days; weekly range: average of the last 10 weeks (0 = off)
• Lines: days to draw (5), colours, day open on/off, line names on/off
• Alert: share of ADR (100%, 0 = off); popup, sound, push, e-mail
• Panel and table on/off, corners, days for the table (1,000), font size

Support: if something doesn't work as expected, send me a private message first. I answer every message and fix problems quickly.