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.
- 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").
- Updated to PineScript v5
- Added a toggle for the fill between the day open and first ADR.
- Added a toggle to disable all plots on non-intraday timeframes.
- Added color customization options in Inputs.
- Added a "dynamic" mode toggle that hides the standard deviations zones until price crosses the previous ADR level. Defaults to "ON".
- 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.
- Updated toggles to allow dynamic mode to ignore deselected standard deviations.
- Added Variance as an alternative to Standard Deviation when drawing extra zones.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.