OPEN-SOURCE SCRIPT
Veela ADR Public
A simplified down basic Average Daily Range
My own custom indicator uses several other features such as ATR etc to determine best entry but this is a simple Average Daily Range designed to demonstrate how banks and other industry professionals would fill orders.
This is based on my own time working within the industry.
If you imagine we are in an upwards trend and we have an orderbook with a lot of Sell Orders. Our customers want the best price for that and the only logical way to fill these orders would be to sell at what we hope is the high of the day. As we do not know that (If we did we would be rich) we have to determine that based on how much the pair has moved recently.
Enter the Average Daily Indicator.
I'll let you do your own thinking/thoughts on it!
Run with the Bulls and Hunt with the Bears!
Veela
My own custom indicator uses several other features such as ATR etc to determine best entry but this is a simple Average Daily Range designed to demonstrate how banks and other industry professionals would fill orders.
This is based on my own time working within the industry.
If you imagine we are in an upwards trend and we have an orderbook with a lot of Sell Orders. Our customers want the best price for that and the only logical way to fill these orders would be to sell at what we hope is the high of the day. As we do not know that (If we did we would be rich) we have to determine that based on how much the pair has moved recently.
Enter the Average Daily Indicator.
I'll let you do your own thinking/thoughts on it!
Run with the Bulls and Hunt with the Bears!
Veela
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.