Taking the average daily range from low to high or high to low isn't the "best" way to get an idea of how much to set targets. So, I made this indicator to make the system better. This indicator calculates the daily range from Open to High on Bullish Days & Open to Low on Bearish Days. Nobody can catch the absolute low of the day on bullish days and get out at the high but one can enter at a reasonable price around the open ( 17:00 EST ).
To complement the Average Range, another table shows the movement in the opposite direction. For Instance: On Bullish Days how much it moved from Open to Low so that we have an idea of where to put the stop loss and vice versa. The time ranges calculated are the last 5 days, last 1 month, last 3 months & last 1 year.
Note #1: Even though the date range is predefined, it has a different meaning. For Instance: date range of last 5 days means "calculation of the range of last 5 bullish daily candles & not last 5 days". Note #2: Exclusive to Forex at the time of posting this.
Great indicator, many thanks for this! Any chance of adding the option to do this for a session with custom start and finish times as opposed to daily? (eg. 8.30am - 11.00am)
@coldbrewrosh, Hi, thanks for the reply. No, its not the same. I am looking for an indicator that does exactly what yours does, except for a single session as opposed to a whole day. So it treats the session as a single candle (ie.OHLC between eg.8.30am-12.00am). Hope this makes sense..
spiral_
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nice indi , but imho , would be great a simple field by ADR high /low , and another one to know the current daily range...
Thanks for share
coldbrewrosh
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@spiral_, There are plenty of ADR high/low & daily range indicators. This one is a one-time use to get the Open to High/Open to Low range.
Mcwaffle12
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will you be able to do it for indices ?
numbersmoney1111
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Add an option to decrease/increase the size of the box please!
AHougaard
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Why does it change values when you change time frames?