TradingView
colejustice
Jul 29, 2021 6:35 PM

Average Daily Range Zones 

NASDAQ:QQQ10
Invesco QQQ Trust, Series 1NASDAQ

Description

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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.

Release Notes

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

Release Notes

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Added toggleable standard deviation levels.

Release Notes

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Fixed a type in the settings menu.

Release Notes

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  • 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!

Release Notes

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

Release Notes

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

Release Notes

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

Release Notes

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

Release Notes

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  • 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.

Release Notes

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

Release Notes

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  • Added Variance as an alternative to Standard Deviation when drawing extra zones.
Historical VolatilitySupport and ResistanceADRaveragedailyrangesupportresistence
Comments
goldy1985
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Hello - Thanks a lot for this indicator , i would like to request you to add one more thing on that, a 1 Standard deviation from first length and Second Length to both sides High and low side. will that possible .

Thanks.
colejustice
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@goldy1985, Hi, I'm glad you like it! You might be interested in a version of this I did with fibonacci levels: tradingview.com/script/UNirqr52-Average-Daily-Range-Fibonacci-Levels/

It's not exactly what you're looking for, but I found the fib levels to line up better than std deviation in my own testing. Still, I'll take your suggestion under consideration.
JohnDoe69
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Hi !
Really like your indicator !!
Problem : Can you please show me where I can change in the script the daily range ? I mean ( let's say that my time is UTC+X ) the indicator show me my timezone daily range all the time even if I change in TradingView settings to the UTC-5 NY timezone ( thing that bytheway I really don't understand ). Anyway this doesn't matter to much because I would like more to keep my timezone in TW settings and change the indicator script in order to adapt it to the NY daily range.
Thank you very much for your answer !
CryptoZeeKay
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Very useful indicator Thanks
jonatan88943
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Hi, thanks. Would it be possible to add a way to change the time zone?
vcoptions
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Could you please see the possibility of adding the options to enable Alerts when price crosses the ADR? As of now, I am not seeing this options.
vcoptions
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@vcoptions, Spoke too soon. I found this options.
chinatour
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Very nice tool. Appreciate your efforts.

Could you include multi ADR in one indicator, I mean D, W, M all in one chart with single indicator.

Thanks in advance.
sumitvohra
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Hey, this is indeed very great tool. Just a suggestion can you turn this into a stock screener with atleast 15 stock can we tracked as a table.
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