colejustice

Average Daily Range Fibonacci Levels

colejustice Premium Uppdaterad   
The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This indicator uses that range in conjunction with Fibonacci ratios to create zones centered on the day's open that tends to act as areas of support and resistance .

The thicker White lines are the ADR levels; all other lines are the same value adjusted by the various Fibonacci values.

A simpler version of this concept can be seen in my other script, Average Daily Range Zones, which does not include the Fibonacci ratio zones.

Thanks to @Hank Hill for the original idea and TV for the feedback and support on the use of the security() function.
Also thanks to @GoldenCross for the Fibonacci obsession.
Release Notes: 1. Added a toggle for showing the zone fills only.
2. Added a toggle for price lines for the current day's fib levels.
Release Notes: Added the ability to adjust the timeframe used for the average range calculation.
Release Notes: Added some more options for visibility settings.
Release Notes: Added a "dynamic mode" for fibs outside of the ADR range; when toggled, the script will automatically turn on or off those higher or lower fibs levels based on the high or low of day's proximity to them.
Release Notes: Added alerts for price crossing fib levels, and a toggle for hiding historical ADR and fibs (plot only for today).
Release Notes: Added toggles for each fib level's line drawing to make the more congested zones between open and ADR a little less busy.
Release Notes: Updated to PineScript v5
Release Notes:
  • Added a toggle for disabling plots completely on non-intraday charts.
  • Added titles to plots for the Style menu.
Release Notes:
  • Fixed the lines/fill between days to get rid of unnecessary clutter.
Release Notes:
  • Added a "Fibonacci Scale" input option for scaling the size of the Fibonacci zones.
Release Notes:
  • Added an input option for changing the color of the plot of the opening price.
  • Added an experimental feature that allows the fib levels to be calculated with Standard Deviation or Variance of price instead of the Average. "Basic" is the standard ADR mode.

Thanks for using my indicators; I hope they make you money! Check out the website link for more, and thanks for your support!
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