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.
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1. Added a toggle for showing the zone fills only. 2. Added a toggle for price lines for the current day's fib levels.
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Added the ability to adjust the timeframe used for the average range calculation.
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Added some more options for visibility settings.
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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.
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Added alerts for price crossing fib levels, and a toggle for hiding historical ADR and fibs (plot only for today).
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Added toggles for each fib level's line drawing to make the more congested zones between open and ADR a little less busy.
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Updated to PineScript v5
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Added a toggle for disabling plots completely on non-intraday charts.
Added titles to plots for the Style menu.
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Fixed the lines/fill between days to get rid of unnecessary clutter.
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Added a "Fibonacci Scale" input option for scaling the size of the Fibonacci zones.
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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.
just to say thank you and for my comment below! ( cant type a cheer long message ) lol
nitindalvi25
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Can you pls add additional timeframe option in this script , so that we dont have to apply same scripy and choose different tf, pls do this,. Ur script is awesome,. Actually i want to use and daily and weekly in single indicator, but currently i have to apply two
muommoi
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The zero line isn't visible in light theme since it has white color, maybe you could add an option to set zero line color?
massivePython49493
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Pls add ema and ssma, vwp etc. great indicator
Beto_Gauer
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Can you please add MTF option? To check the weekly average range, and monthly average range please
chanrickyyes
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Great. could add option to change the day open time?
Linktind
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Supper helpful and underrated indicator. Thanks a lot for sharing! I have just a minor suggestion to improve the display of this indicator on the chart. This indicator will be mostly used by the day traders and it makes the chart looks really busy. If you could do the following changes it would be extremely helpful: 1. Add a small lable to each line with the possiblity to configure tha label (i.e. how far it is from the line, size of the label and text in the label) 2. Make lines to display only for the past 4-5 candles, so that they do not occupy the whole chart.
It would be great if you consder implementing the abiove mentioned changes! Thanks!
KapurPodh
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Very nice indicator. Is it extended
ynpoddar
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Thanks a lot for this excellent script ! .. Here in India the weekly options expiry is on thursday.. Is it possible to plot the weekly levels starting from Friday to thursday of every week ? .. That will be very helpful, thanks
jaikes
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Hope you are doing well.
One of the best of best indicator.. loved it Thanks for sharing.. I m earning regularly with this. GBU...