The Best ADR Indicator for MetaTrader 4

Are you looking for an ADR indicator for MT4? Today, I’m going to show you what is, in my opinion, the best average daily range indicator for MetaTrader 4.

 

 

There are many reasons to incorporate an average daily range indicator into your trading plan. For instance, if your trading system provides reversal setups, those reversals are more likely to work out after the average daily range has been hit. Similarly, it would not be wise to trade continuation patterns in the direction of price action that has already hit its ADR.

 

What’s the Best ADR Indicator for MT4?

I use the excellent ADR indicator from Day Trading Forex Live. It has been very useful to me, so I went looking for a similar ADR indicator to share with you guys. What I found is almost identical.

 

I had to edit the code slightly to get the results that I was looking for, but I think you guys will be pretty happy with it. The result is a simple, clean looking ADR indicator for MT4.

 

Note: I basically commented out some code related to labels which cluttered up the chart. I also commented out a couple of unnecessary features.

 

 

As you can see from the chart above, this ADR indicator prints a text label in the upper-left hand corner showing the average daily range as well as the current day’s range. It also prints out an upper and lower ADR line which adjust with the day’s price action.

 

Note: The ADR is not the difference between the upper and lower levels that this indicator displays. The ADR is represented by measuring the difference between the lowest low of the day and the upper ADR level, or the highest high of the day and the lower ADR level – depending on which direction your measuring.

 

These levels adjust when new highs or lows are made, because the ADR stays the same (at least until the next day). In other words, in the image above, if price were to make a new high for the day, the lower ADR level would come up so that the measurement between the two would remain 114.9 pips.

 

When one of those lines are reached, the average daily range has been hit. You can select different colors, thicknesses, and styles for your regular line and your hit line. I use the same thickness and style, but my regular line is black, while my hit line is crimson (see the settings below).

 

The indicator also prints out a vertical line marking the start of the day. This is helpful for making sure that the indicator is in sync with your broker’s data. To check this, bring up your period separators (Ctrl+Y), and make sure the vertical lines are in sync.

 

 

This indicator should work with most brokers by default, but if it’s out of sync, you can adjust the TimeZoneOfData or TimeZoneOfSession variables to bring the indicator into sync with your broker.

 

Other settings include adjusting the ATRPeriod variable to increase or decrease the number of days that will be counted to get your average range. I suggest using a 15-day average. You can also change the line styles, thicknesses, and colors as I mentioned earlier.


Attached Files:

Posted By carolynholmes : 17 October, 2020
Related Article

Sharing this indi, but hoping someone has the MQ4. Can anyone share the MQ4Password is: free_at_ffAn updated version of #Signal Bars v10b ff that uses previous day Close instead of Open coded to be used on the new MT4    

The forex squeeze indicator is based on a trading strategy found in the book Mastering the Trade, written by john Carter. The indicator moves between -0.422 (extremely bearish) and 0.1611 (extremely bullish).   Trading Signals Buy signal: Go long at the first blue bar. Sell signal: Go short at the first red bar.   Trading Tips Use in conjunction with an oscillator (stochastic, momentum, macd) to pinpoint your entry and exit levels.   Indicator Preferences Currency pairs: any Time frames: any Trading sessions: any   Configurable Indicator Options Bar colors, …   EUR/USD Weekly Chart Example  

This one created by me and is non repaint at bar zeroThis one has only indicator of price action shown with trend lines.If using as only the arrows creates good tops and bottoms like zigzag.If I had some variations or EA I will be posting themHope you like! And please remember to ShareSo everyone thanks for reading my post.


Post your comment