This is an intraday indicator.
Average Daily Range provides an upper and lower level around the daily open. It is calculated by taking an / average of a given number of previous days' True Range.
It can be useful for helping guide , for taking profits and for placing stops.
It's a similar idea to the ATR indicator, but calculated on a only.
Length: number of days to take an average from
Offset: Set this to 0 to include today's range. Set to 1 to exclude today. Set to 2 to exclude today and yesterday.....and so on.
The other settings should be self explanatory :)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.