trespeng

ADR - Average Daily Range [@treypeng] [v2]


This is an intraday indicator.

Average Daily Range provides an upper and lower level around the daily open. It is calculated by taking an EMA/SMA average of a given number of previous days' True Range.

It can be useful for helping guide support and resistance , for taking profits and for placing stops.

It's a similar idea to the ATR indicator, but calculated on a daily timeframe only.

Settings:

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 :)


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