Hi all,

here is the Average Day Range indicator. It consists in 1 line in a separate window: the value of the Average Day Range of the day...

What is this "Average Day Range"?

The indicator computes yesterday's Day Range (Daily High - Daily Low), the previous 5, 10 and 20 days ranges. And it calculates the "Average Day Range" of these four ranges (yesterday's+ Prev 5 Day Range + Prev 10 Day Range + Prev 20 Day Range)/4.
So, if yesterday's Day Range was 80, the Previous 5 Day Range was 110, the Previous 10 Day Range was 90 and the Previous 20 Day Range was 120, then the Average Day Range would be 100.

ADR is therefore a kind of WMA of the Day Range.

If you compare ADR and ATR by putting both of them on a Day chart (take ATR(1)), you will see that ADR is smoother than ATR.

Hope this helps,

pipeline /aka Ogeima.

Attached Files

Average Day Range v1.0.mq4 (4.1 KB, 875 views)

Pipeline:

It´s just an idea. Can you make a mod computing rooms up/dn and using the ADR current valur like zero point. Maybe we can see potential reversals.

__________________

how about current day range adds to this..... btw, thanks for the indicator

Does this indicator include Sunday as a regular day in its calculations?

I have just read Igor Toshchakov: Beat The Odds in Forex. In the book most of his setups(templates) use profit targets based on the Average Daily Range of a currency- that being the last couple of months.

I assumed at first that I could get this measurement by taking wilder's average true range indicator on a daily chart and set the lookback period to 30(to get a month's average).

But after looking into wilders ATR indicator- he takes the previous bars close for the opening price for the next bar. If you are familar with the definition of the indicator you are aware of what I am talking about.

Igor is trying to set a price objective rule based on the probability that a currency will reach its daily range every trading day.

Ex. A pair has a average daily trading range of 100 pips
A pair during asian session-in a tight intraday horizontal channel 20 pips wide

100pips-20pips= 80 pip profit target on breakout from horizontal range

This is a very rudimentary example of his "templates" in his discrete-systematic method. I am just trying to find the proper indicator or procedure for determining a pairs average daily range based on the last 30 days.

Should I just use wilders ATR indicator set to 30 periods/daily chart??

Does a better method exsist for this purpose??

Any thoughts on what indicator I should use??

Thanks in advance, M Rippy

Avg daily range

Attached Files

Avg Daily Range.mq4 (4.0 KB, 421 views)

Is there an ADR indicator which DOES NOT include the Sunday bar (this one does). Including a Sunday bar into the calculation, drastically changes the outcome.

I searched but couldn't find one which allows exclusion of Sunday bar in the calculation.

Many Thanks

Thread about Sunday bar http://www.forex-tsd.com/metatrader-...ut-sunday.html

Thanks newdigital;

Attached is the ADR indicator I'm using and I found this script by "icm63" about excluding Sunday data (he's using this on MA cross indi). I tried inserting the code below into my indicator (attached), but it's not working.

Anyone have any idea how to combine script (below) with the attached indicator, in order to make an "ADR_No_Sunday_Bar" indicator.
---------------------------------------------------------------------------------------------------------------------
TempBuffer3 = Is just a bunch of close data
BufferAVE = Is array that ends up on chart

for(i=0; i<limit; i++)
{
if(No_Sundays ==true)
{
int z = 0;
int HLsum = 0;
for(int x = i; x < i + (Period * 2); x++)
{
if(SundayCheck(x) !=0)
{
HLsum += TempBuffer3[x];
z =z+ 1;
//if(i ==0) Print(x, " ", z);
}
if(z >= Period) break;
}
BufferAVE[i] = NormalizeDouble(HLsum/z,0);
}
else
BufferAVE[i]=iMAOnArray(TempBuffer3,Bars,Period,0,MODE_SMA,i);
}

//Sunday check
int SundayCheck(int Index)
{
datetime data = iTime(NULL, PERIOD_D1, Index);
return(TimeDayOfWeek(data));
}
-------------------------------------------------------------------------------------------------------------------------------------
Thank you in advance for any help.

Attached Files

ADR_SL-NoLine.mq4 (13.3 KB, 250 views)

Hi, Does anybody have an average daily range indicator? Basically it tells you what the daily average will be from using past data.

Thanks in advance!
Happy pips