Average Daily Range Zones

The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This range is is overlaid and centered on the day's open, and tends to act as areas of support and resistance . This indicator provides two aggregation periods, creating a range that represents volatility in the ADR; a wider spread indicates greater recent volatility , and vice-versa.

Thanks to @Hank Hill for the original idea and ToS script this is based on, and TV for the feedback and support on the use of the security() function.

Versionsinformation:

Added a toggle to display the ADR on today's session only.

Versionsinformation:

Added toggleable standard deviation levels.

Versionsinformation:

Fixed a type in the settings menu.

Versionsinformation:

• Cleaned up some inputs, improved visibility of base ADR levels, and added more customization for visibility.
  
• Added a Custom Timeframe option (changes the "Daily" part of "Average Daily Range").
  

Also, if you like this indicator, check out some of my other work!

Versionsinformation:

Added a toggleable Day Open plot with fill between open and upper/lower ADR.

Versionsinformation:

• Updated to PineScript v5
  
• Added a toggle for the fill between the day open and first ADR.
  

Versionsinformation:

• Added a toggle to disable all plots on non-intraday timeframes.
  
• Added color customization options in Inputs.
  

Versionsinformation:

• Added a "dynamic" mode toggle that hides the standard deviations zones until price crosses the previous ADR level. Defaults to "ON".
  

Versionsinformation:

• Added two more standard deviation levels to account for recently wide swings in all major indices.
  
• The first ADR (21 by default) now always draws thicker white lines on each zone.
  

Versionsinformation:

• Updated toggles to allow dynamic mode to ignore deselected standard deviations.
  

Versionsinformation:

• Added Variance as an alternative to Standard Deviation when drawing extra zones.