ADR Custom Indicator
for NinjaTrader

The Idea Behind the Indicator

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

The ADR is calculated in ticks 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 NT8 on the H1 Timeframe

Input Parameters

• ADR Period — the number of days for calculating the ADR.
• Font size — the size of the text on the chart.
• Font family — font family of the displayed text on the chart.
• Plot color — the color of the ADR line on a single indicator chart.
• Labels on the chart — enable/disable the display of the ADR values on the main chart.
• Label in two rows — enable/disable placement of the text in two rows.
• Label color — the color of the text on the chart.
• Label border color – the text border color.
• Label border style – the text borders style:
  • Solid
  • Dash
  • Dash Dot
  • Dash Dot Dot
  • Dot
• Label border width – the width of the text border.
• Label area opacity — the opacity of the background of the text (in percent).
• Label area color — the background color of the text.
• Label vertical offset – the offset of the text (in pixels) relative to the anchor point.
• Label vertical alignment — 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.
• Label horizontal alignment — describes the horizontal position concerning the anchor point:
  • Left
  • Right
  • Center
  • Justify
• Label text – the additional arbitrary text for ADR values ​​on the chart. It can be empty.
• 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 value type – the selection of the text direction on the chart:
  • PipsHorizontal — set by default. The text of ADR values is indicated in pips and placed horizontally with a specific affix.
  • TicksVertical — if this parameter is selected, the text of ADR values on the chart will be placed vertically and indicated in ticks.
  • Hide/Show labels hotkey – the hotkey for hiding/showing ADR values on the main chart.

There are enough items in the input parameters to customize the indicator value correctly displayed on the chart. An example of custom settings is shown in Fig.2.

 Figure 2 — Custom Settings 

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

Figure 3 — An Example of the ADR Indicator for NT8 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 text of ADR values on the main chart can be hidden using:

• The Labels on the chart parameter
• The hotkey (Hide/Show labels hotkey parameter)

Focus on a single window of the indicator itself (Fig.4).

Figure 4 — An Example of the ADR indicator for NT8 Without Values on the Main Chart

Customize the tool according to your needs and preferences!

Technical Requirements

Here is what you need to run this indicator:

• A computer capable of running the NinjaTrader 8 desktop version.
• NinjaTrader 8, 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 NinjaTrader 8 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.