Simple 5 day average range, adjust to true price movement rather than fixed levels.
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-Enjoy
//Created by Rob Olson 7.14.2014 //Average Daily Range Levels - 5 day study(title="F0_ADR5", shorttitle="F0_ADR5", overlay=true) tsp=input(95,title="ADR Fill Transparency Level",type=integer) dayHigh=security(tickerid, 'D', high[0]) dayLow=security(tickerid, 'D', low[0]) //ADR Levels dayrange=(high - low) r1 = security(tickerid, 'D', dayrange[1]) r2 = security(tickerid, 'D', dayrange[2]) r3 = security(tickerid, 'D', dayrange[3]) r4= security(tickerid, 'D', dayrange[4]) r5= security(tickerid, 'D', dayrange[5]) //get average daily range of prior 5 days adr_5 = (r1+r2+r3+r4+r5) /5 //plot the adr levels adrhigh=plot((dayLow+adr_5) , title="ADR High",style=line,color=navy,linewidth=2) adrlow=plot((dayHigh-adr_5), title="ADR LOW",style=line, color=aqua,linewidth=2) fill(adrlow,adrhigh,color=aqua,transp=tsp)