Pretty self explanatory, this indicator tracks todays current range as a % of the 5 Day ADR.
This is most useful for finding entries and looking for exits intraday, ie: how much hypothetical room is there for a trade to run? looking for entries in yellow and orange zones, exiting in blue once the ADR is reached etc.
Reset variable should be used for the end of day close. For forex on Oanda its 1700. Probably a way to do this programatically, if its obvious let me know and i can update it.
Can be set to clip output above 110% once the daily ADR has been fulfilled - this can be turned on or off.
Experimental mode for finding consolidations, based on the ADR for each day not been fulfilled and contracting. can be good for finding pending range expansion.
Code is pretty ugly, feel free to tweak.
current known issues: Indicator doesnt work for many non forex pairs, due to coding laziness. Indicator does not work on 1 minute timeframe.
Versionsinformation
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Updated and adapted using code from [JS] - Average Daily Range - Daily (DTFL) by JorgeSilvestrini.
Bug fixes - now calculates on small timeframes and non forex pairs correctly.
I think @Rocketman was talking in terms of the number(pips) not the percentage. How do I really calculate the pips incase the pips exceed t
FX_Naeem
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I noticed the script doesn't provide for the dotted lines visible on your chart, do you have a different script for that altogether? Please share
MartinWeb
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@FX_Naeem, it's another indicator since the indicator here is not a chart overlay. . you can read it's name in the upper left "HiLo4". maybe it just prints the high and lows during 4 days ;)
BryceWH
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@FX_Naeem, I didn't realise anyone was interested in that indicator but i'll publish it anyway
vpatel511
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how do we know if its bearish or bullish when a yellow bar is plotted?
Rocketman
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Why is the range of this indicator in between 0 - 100? What if today's range is less than average? Wouldn't it make a difference when the current day range is higher or lower than the 5 day average range? If it is shorter than the average, then the percent should be a negative number.
BryceWH
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@Rocketman, i don't know if you understand the indicator. The range is between 0 and 100 because it is a percentage. You average out the previous 5 days ranges, and calculate how much it has moved today. Pretty simple.