This is an intraday indicator.
Average Daily Range provides an upper and lower level around the daily open. It is calculated by taking an EMA/SMA average of a given number of previous days' True Range.
It can be useful for helping guide support and resistance, for taking profits and for placing stops.
It's a similar idea to the ATR indicator, but calculated...
Average Daily Range ('ADR') Indicator for TradingView
This script is based on the "Best 'ADR' Indicator for MT4" described at www.fxdayjob.com.
Number of 'ADR' Back - Set the number of calendar days back to plot historical 'ADR'. The default value is 7.
Non-trading days are not taken into account.
Pretty self explanatory, this indicator tracks todays current range as a % of the 5 Day ADR.
This is most useful for finding entries and looking for exits intraday, ie: how much hypothetical room is there for a trade to run? looking for entries in yellow and orange zones, exiting in blue once the ADR is reached etc.
Reset variable should be used for the end of...
Basic ADR-indicator that is showing the daily range on lower timeframes as well, without using the current open daily bar for calculation.
Also plots as line in a separate indicator window. Updates displayed value when hovering over the candles on the chart to see historical Numbers.