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This is how classic ADR works:
The Average Daily Range shows the average pip range of a Forex pair measured over a certain number of periods.
The calculation of the daily range of a currency pair is a relatively easy process. You simply take the distance between the daily highs and daily lows of a currency pair.
You can configure it to take into consideration as many periods as you want.
Let’s see an example of how the ADR calculation works:
Say that we adjust our ADR indicator to take into consideration five days. The distances (range) between the highest and the lowest point of each of these days are:
n1 = 560 ticks/points
n2 = 270 ticks/points
n3 = 780 ticks/points
n4 = 300 ticks/points
n5 = 420 ticks/points
The ADR calculator formula is as follows: ADR = (n1 + n2 + n3 + n4 + n5) / 5
And now we apply the values to the formula ADR =
(560 + 270 + 780 +300 + 420) / 5
ADR = 2330 / 5
ADR = 466 ticks/points
This is what I want:
Name of the indicator: Ranger
I want to be able to see the average range, the current range & the available ticks of three different periods.
-12 hours range
-London New York overlap
-24 hours range (Daily)
The start time of the calculations must be set to variable so that I can adjust to my brokers time.
input int Lookback = 5;
input int Start_Time= "07:00"; //07:00 to 19:00 = 12 hours & 07:00 AM to 07:00 AM = 24 hours/Day
input int LondonNewYork_Start="15:30";
input int LondonNewYork_End="18:00";
I want the data from the previous day to remain on the chart.
If the current range is greater than the avg range; put in red.
Anchor the text on the Start_Time variable.
Put the calculations in ticks (points).
Refer to the attached image for a visual.
Thanks!