ADR Custom Indicator
for cTrader

The Idea Behind the Indicator

The indicator is especially effective in intraday strategies for predicting price movements. The average daily range determines Forex trading goals: it accurately shows the market situation.

The ADR is calculated in pips from the lowest to the highest price over a period. The formula adds up the price dynamics for each day of the week and divides the received amount by the number of trading days. The result is depicted in a chart window (Fig.1).

Figure 1 — An Example of the ADR Indicator for cTrader on the D1 Timeframe

Input Parameters

• Period – the number of days for calculating the ADR.
• Font size – the size of the text on the chart.
• Font color – the text color on the chart.
• Font direction – the selection of the text direction on the chart:
  • RowPips – set by default. The text of ADR values is indicated in pips and placed horizontally with a specific affix.
  • ColumnTicks – if this parameter is selected, the text of ADR values on the chart will be placed vertically and indicated in ticks.
• Anchor point – the possibility to select the text anchor point:
  • BAR_HIGH – the text anchor point at the High value of the current bar.
  • BAR_LOW – the text anchor point at the Low value of the current bar.
• Vertical alignment – describes the vertical position relative to the anchor point:
  • Center
  • Top
  • Bottom
  • Stretch
• Vertical offset (pips) – the offset of the text in pixels concerning the anchor point.
• Horizontal alignment – describes the horizontal position concerning the anchor point:
  • Left
  • Right
  • Center
  • Justify
• Font bold – enable/disable bold text selection,
• Font italic – enable/disable italic text selection.
• Font underlined – enable/disable the selection of text with an underline..
• Font interactive – determines the possibility of interaction with text on the chart.
• Font locked – enable/disable blocking of the text movement on the chart.
• Font hidden – determines whether the text of ADR values will be hidden.
• Label affix – the location of the additional arbitrary text for ADR values ​​on the chart:
  • Prefix – the location before the ADR value.
  • Suffix – the location after the ADR value.
• Label text – the additional arbitrary text for ADR values ​​on the chart. It can be empty.

There are enough items in the input parameters to properly customize the indicator value display on the chart.

Suppose you use the Daily timeframe in the trading process. In this case, the indicator can also be configured; so that the ADR values are displayed as conveniently as possible on the chart (Fig.2 & 3).

Figure 2 — An Example of the ADR Indicator for cTrader on the Daily Timeframe

Figure 3 — Another Example of the ADR Indicator for cTrader on the Daily Timeframe

All ADR values are indicated in ticks (not pips) when the text is placed vertically. While in the horizontal display, the additional arbitrary text is removed using the Label Text parameter.

For example, the ADR value text on the main chart can be hidden using the Font Hidden parameter and focus only on a single window of the indicator itself (Fig.4).

Customize the indicator according to your needs and preferences!

Figure 4 — An Example of the ADR Indicator for cTrader Without Values on the Main Chart 

Technical Requirements

Here is what you need to run this indicator:

• A computer capable of running the cTrader desktop version.
• cTrader installed on your computer or laptop.

Frequently Asked Questions

• Will it work with my broker? This indicator will work with any broker that uses the cTrader platform.
• Should I use a demo account? It is highly recommended that you use this indicator in a demo account before you trade live. Then you will get a feel for how it works.
• Can this indicator be used on more than one computer? You can use the tool on any computer you own.
• Does this indicator track all timeframes and currency pairs? No, it will only track down currency pairs and chart timeframes on opened charts (on which the indicator is attached and correctly configured).
• Does this indicator place trades? No, it does not. Therefore, you are 100% responsible for your trades and gains/losses.