trespeng

ADR - Average Daily Range [@treypeng] [v2]


This is an intraday indicator.

Average Daily Range provides an upper and lower level around the daily open. It is calculated by taking an EMA / SMA average of a given number of previous days' True Range.

It can be useful for helping guide support and resistance , for taking profits and for placing stops.

It's a similar idea to the ATR indicator, but calculated on a daily timeframe only.

Settings:

Length: number of days to take an average from
Offset: Set this to 0 to include today's range. Set to 1 to exclude today. Set to 2 to exclude today and yesterday.....and so on.

The other settings should be self explanatory :)


Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

Hello, you're ADR is amazing. I'd like to know if it is possible to mark the ADR from the high of the current day (downside ATR) and from the low of the current day (upside ATR)?
Also, if it is possible that the ADR is writing on the mark? thank you very much
+20 Reply
FripouilleCat FripouilleCat
I found it thanks
+9 Reply
hi, would you happen to have the script that works on an ATR same principal that plots two lines on a chart? tia
+5 Reply