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Average-daily-range

ADR Table BY @ICT_YEROADR Table BY @ICT_YERO Created by: @ICT_YERO This custom indicator is designed to provide the Average Daily Range (ADR) for multiple timeframes, including Daily, 4-Hour, and 1-Hour. The indicator is tailored to assist traders in understanding price volatility and making informed trading decisions. Key Features Multi-Timeframe ADR Calculation: Automatically calculates and displays the ADR for Daily, 4-Hour, and 1-Hour timeframes. Helps traders identify potential price movement ranges for different trading sessions. Dynamic Range Visualization: Clear visual representation of the ADR on the chart, making it easy to spot price extremes. Real-time updates to reflect changes in price movement. Custom Alerts: Option to set alerts when the price approaches the ADR high or low. Useful for identifying potential reversal zones or breakout opportunities. User-Friendly Interface: Simple and intuitive settings to customize colors, levels, and display preferences. Seamlessly integrates with your existing TradingView setup. ICT-Inspired Methodology: Designed for traders who follow ICT concepts, focusing on precision and high-probability setups. Applications Range Trading: Helps determine the high and low boundaries for scalping or intraday setups. Volatility Analysis: Understand market behavior during different times of the day or week. Reversal Zones: Identify areas where price is likely to reverse, based on ADR extremes. Whether you're a scalper, day trader, or swing trader, this indicator provides a comprehensive overview of price volatility across multiple timeframes, making it an essential tool for your trading arsenal.
Pine Script® indicator
by SILVER_BULLET369
1
Sw1tchFX - Average Daily RangeDESCRIPTION AND OVERVIEW The Average Daily Range is a measure of volatility (typically across 5 days for the FX markets). I originally saw this being used in a trading system called ANTSSYS by Daryll Guppy and some other developers. I couldn't find it anywhere so I decided to build it from scratch. What this does is allow you to measure volatility across various FX assets (I will apply other asset classes in the future that this is applicable to i.e. Crypto, Commodities, Blue Chip Stocks), and set realistic targets based off that volatility. Overall, this makes much more sense to me in the FX markets rather than support and resistance lines because it's based off the actual movement of the asset class. Market research shows that an asset class has a 80-85% chance to reach 75% of it's Average Daily Range (ADR). Let's take a look at the daily ADR on the GBPNZD 15m chart. Notice how the values of the ADR act as real support and resistance based off the volatility of the asset. In this case, price did not quite reach the 75% ADR target. Let's take a look at another example on EURNZD 15m chart. In this case, price hit the 75% target. It's important to note that these levels do not bound the price. The probability that price exceeds it's 75% ADR is fairly low, but not impossible. Especially during important news events. Let's look at the recent USDCHF 15m chart for example. Additionally, you can use these values to measure longer term movements (Weekly, and Monthly) Here is a weekly view: And a monthly view: HOW I USE THIS I use this in conjunction with some other indicators I've developed. Typically, I use range bars since I only care about price, not time. Additionally, averages are smoother when time is not taken into account and only price. HOW THE CANDLE OPEN AND CLOSE IS CALCULATED This is done based off of your own specific time zone and from the daily candle. So for me on PST, the daily candle will close at 1400. Once closed, a new ADR value is automatically calculated and added to the chart. There is an option to show past ADR values if you would like to see them or conduct additional research.
Pine Script® indicator
by Sw1tchFX
30