How to use Average Daily Range (ADR) Indicator?

ADR is just a simple indicator tool to help trader identify the daily average range of an instrument. So for example we have the pairs EURUSD and that pairs usually makes a peak and bottom during the trading day and the point from the bottom to the peak point of this trading trading day create a range for that day, in which the pairs usually moves within it for example 80 pips ( 800 points so counted with the fifth digit), and the distance from these two points from bottom to peak is measured in points; we have created that indicator based on the idea of the custom ATR indicator but we illustrate the products on a dashboard  with digits to see; furthermore we add the functions for taking periods in days as average to calculate and also the alert functions, which will send to trader a notice that the usually average daily range of that instrument has been triggered. The illustration on a dashboard and the calculation thereof help the day trader a quick idea how many pips the instruments still have the free space to move up/down for the trading day. 

ADR Settings

• Symbols to put, each symbol must be separated with a semicolon
• Period: put number in day, 1= one day average calculate, 2= two days average calculate and so on...
• BG: select your own background color
• alerts: On/off

alert and notification options

• Show pop-up messages - Set "true" to receive pop-up notifications
• Send an e-mail - Set "true" to receive a notification e-mail
• Send mobile notifications - Set "true" to receive mobile notifications
• Play an alert sound - Set "true" to receive an audible notification

 

Display on chart

Dashboard with

• Symbols name
• Average Range
• Today has moved in XYZ points up to now

Happy Trading!

 Tradingscenes