The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This range is is overlaid and centered on the day's open, and tends to act as areas of support and resistance . This indicator provides two aggregation periods, creating a range that represents volatility in the ADR; a wider spread indicates greater recent volatility , and vice-versa.
Thanks to @hank Hill for the original idea and ToS script this is based on, and TV for the feedback and support on the use of the security() function.
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Added a toggle to display the ADR on today's session only.
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Added toggleable standard deviation levels.
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Fixed a type in the settings menu.
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Cleaned up some inputs, improved visibility of base ADR levels, and added more customization for visibility.
Added a Custom Timeframe option (changes the "Daily" part of "Average Daily Range").
Hello - Thanks a lot for this indicator , i would like to request you to add one more thing on that, a 1 Standard deviation from first length and Second Length to both sides High and low side. will that possible .
It's not exactly what you're looking for, but I found the fib levels to line up better than std deviation in my own testing. Still, I'll take your suggestion under consideration.
JohnDoe69
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Hi ! Really like your indicator !! Problem : Can you please show me where I can change in the script the daily range ? I mean ( let's say that my time is UTC+X ) the indicator show me my timezone daily range all the time even if I change in TradingView settings to the UTC-5 NY timezone ( thing that bytheway I really don't understand ). Anyway this doesn't matter to much because I would like more to keep my timezone in TW settings and change the indicator script in order to adapt it to the NY daily range. Thank you very much for your answer !
CryptoZeeKay
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Very useful indicator Thanks
jonatan88943
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Hi, thanks. Would it be possible to add a way to change the time zone?
vcoptions
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Could you please see the possibility of adding the options to enable Alerts when price crosses the ADR? As of now, I am not seeing this options.
Thanks.