ADR Progress & Projected Range Levels
OVERVIEW
This indicator compares today's trading range with the symbol's Average Daily Range (ADR) and shows the result on the chart. It answers practical questions such as "how much of a normal day's movement has already happened?", "if today turns out to be an average day, where could the high or low end up?" and "how often do days on this symbol actually reach their ADR?". It works on any symbol and on any timeframe from 1 minute up to daily, including forex, gold, indices and other CFDs.
WHAT MAKES IT DIFFERENT
- It shows progress, not just the ADR value: today's range as a percentage of the ADR and the distance left to a full ADR.
- The projected high and low adjust as the day develops. Projected high = today's low + ADR. Projected low = today's high - ADR. Once a full ADR has been traded, both projections sit inside today's range.
- A built-in statistic shows how often past days reached the ADR that was known when they started, so you can see whether "a full ADR" is common or rare on the symbol you are viewing.
- The ADR uses completed days only, so the value for a day is fixed when that day opens and is not revised later.
HOW IT WORKS
- Daily ranges (daily high minus daily low) are taken from the symbol's daily bars.
- The ADR is either the average or the median of the last N completed days (N = ADR length). The median is less affected by one or two unusually large days.
- Today's open, high and low are tracked on the chart's own bars, starting at the symbol's daily session open.
- Lines are drawn for the projected high and low, today's open plus and minus half an ADR, and today's open. Each day's lines run from that day's open to its close time.
- The "Days that reached ADR" figure counts, over the chosen number of completed days, how many days had a range at least as large as their own ADR.
HOW TO USE
1. Add the indicator to any chart on a daily or lower timeframe.
2. Read the table. "Used" shows how much of the ADR today's range has covered, with a color that warms up as it approaches 100%. "Left to full ADR" shows the remaining distance.
3. Use the projected high and low as a reference for where price would be if today ended up as an average day. Some traders use this to judge whether a target is realistic for the rest of the day, or to be more cautious about chasing a move once most of the ADR is already used.
4. Check the "Days that reached ADR" figure. If only a minority of days reach their ADR, a day that has already used 100% is unusual for that symbol.
5. Optionally shade bars once the full ADR is reached, and set an alert for when today's range reaches a chosen percentage of the ADR.
INPUTS
Average daily range
- ADR length (days), ADR method (Average or Median), and the number of days used for the "reached ADR" statistic.
Levels
- Toggle and color for projected high/low, open +/- half ADR, and today's open; line width; labels on today's levels; and how many days of levels to keep on the chart.
Table
- Show table, position, text size, and the colors used for the progress cell.
Shading & alerts
- Shade bars once the ADR is reached, shade color, and the alert level as a percentage of the ADR.
ALERTS
- "Today's range reached alert level" triggers the first time today's range reaches the chosen percentage of the ADR. The script also sends a more detailed message through "Any alert() function call". Because it uses the developing daily range, it can trigger before the bar closes, depending on the alert frequency you choose.
LIMITATIONS
- The ADR describes how far price has moved on past days. It does not predict how far price will move today, and news or unusual sessions can produce days far larger or smaller than average.
- The projected levels are reference points, not support, resistance or targets.
- Day boundaries follow the symbol's daily session from your data feed, so symbols from different brokers can give slightly different values. Weekend or holiday sessions with little trading can pull the ADR down.
- On timeframes above daily the indicator only shows a note in the table.
- Spread is not included in the ranges.
This script is for educational and informational purposes only and is not financial advice. Trading CFDs and forex involves significant risk of loss.
This indicator compares today's trading range with the symbol's Average Daily Range (ADR) and shows the result on the chart. It answers practical questions such as "how much of a normal day's movement has already happened?", "if today turns out to be an average day, where could the high or low end up?" and "how often do days on this symbol actually reach their ADR?". It works on any symbol and on any timeframe from 1 minute up to daily, including forex, gold, indices and other CFDs.
WHAT MAKES IT DIFFERENT
- It shows progress, not just the ADR value: today's range as a percentage of the ADR and the distance left to a full ADR.
- The projected high and low adjust as the day develops. Projected high = today's low + ADR. Projected low = today's high - ADR. Once a full ADR has been traded, both projections sit inside today's range.
- A built-in statistic shows how often past days reached the ADR that was known when they started, so you can see whether "a full ADR" is common or rare on the symbol you are viewing.
- The ADR uses completed days only, so the value for a day is fixed when that day opens and is not revised later.
HOW IT WORKS
- Daily ranges (daily high minus daily low) are taken from the symbol's daily bars.
- The ADR is either the average or the median of the last N completed days (N = ADR length). The median is less affected by one or two unusually large days.
- Today's open, high and low are tracked on the chart's own bars, starting at the symbol's daily session open.
- Lines are drawn for the projected high and low, today's open plus and minus half an ADR, and today's open. Each day's lines run from that day's open to its close time.
- The "Days that reached ADR" figure counts, over the chosen number of completed days, how many days had a range at least as large as their own ADR.
HOW TO USE
1. Add the indicator to any chart on a daily or lower timeframe.
2. Read the table. "Used" shows how much of the ADR today's range has covered, with a color that warms up as it approaches 100%. "Left to full ADR" shows the remaining distance.
3. Use the projected high and low as a reference for where price would be if today ended up as an average day. Some traders use this to judge whether a target is realistic for the rest of the day, or to be more cautious about chasing a move once most of the ADR is already used.
4. Check the "Days that reached ADR" figure. If only a minority of days reach their ADR, a day that has already used 100% is unusual for that symbol.
5. Optionally shade bars once the full ADR is reached, and set an alert for when today's range reaches a chosen percentage of the ADR.
INPUTS
Average daily range
- ADR length (days), ADR method (Average or Median), and the number of days used for the "reached ADR" statistic.
Levels
- Toggle and color for projected high/low, open +/- half ADR, and today's open; line width; labels on today's levels; and how many days of levels to keep on the chart.
Table
- Show table, position, text size, and the colors used for the progress cell.
Shading & alerts
- Shade bars once the ADR is reached, shade color, and the alert level as a percentage of the ADR.
ALERTS
- "Today's range reached alert level" triggers the first time today's range reaches the chosen percentage of the ADR. The script also sends a more detailed message through "Any alert() function call". Because it uses the developing daily range, it can trigger before the bar closes, depending on the alert frequency you choose.
LIMITATIONS
- The ADR describes how far price has moved on past days. It does not predict how far price will move today, and news or unusual sessions can produce days far larger or smaller than average.
- The projected levels are reference points, not support, resistance or targets.
- Day boundaries follow the symbol's daily session from your data feed, so symbols from different brokers can give slightly different values. Weekend or holiday sessions with little trading can pull the ADR down.
- On timeframes above daily the indicator only shows a note in the table.
- Spread is not included in the ranges.
This script is for educational and informational purposes only and is not financial advice. Trading CFDs and forex involves significant risk of loss.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.