The ADR (Average Daily Range) indicator for NT8 shows the asset price average volatility over a certain period. All the changes in the particular timeframe will represent the currency movement.
Get the indicator recording all the currency movements from the highest to the lowest peaks in every daily timeframe!
Works on NinjaTrader
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
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:
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!
A ready-made form will help you not to forget important aspects of your technical specification.
You are free in your final choice and let it be the right one. Everyone profits!
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