ADR is a well know indicator, it shows the average daily range of x previous days and it has lots of different use cases from measuring an asset daily volatility to setting orders stop loss and take profit levels by day traders.
One of the ADR use cases is to check how much space is left for the price to move up/down in a day, once we know that we will be able to set our positions take profit or stop loss levels based on the amount of up/down space that is left or avoid opening any position if there is not much space left.
Our ADR indicator shows five different daily periods average range not just one and it shows three lines on your chart that shows the amount of left up/down space in a day and the average value of those two lines which is the middle line, these lines give you a clear image of where the price is based on ADR and how much it can go up and down.
This indicator is very useful for day trading and can save you from lots of bad entries and setting bad Sl/TP levels.
Features
- Shows the current and previous days range
- Shows up to five different periods ADR values
- Plots the daily up/down left space lines on a chart
- Separates each day with a separator line
- Setting indicator time offset and day start time
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