There are a handful of decent Average Daily Range indicators out there. Often they are built using Pinescript v2 (severely outdated) or have no customization or are "Closed Source"
In this version, you can select two multipliers to display on chart Primary Mult - Large Green or Red crosses, by default set to 1 or 100% of ADR Secondary Mult - Small Aqua or Maroon crosses, by default set to 0.5 or 50% of ADR
Hi, is it possible to change starting point (Daily Open price) of this indicator from GMT 00:00 to New York 00:00 ?
szmulke
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@szmulke, I was thinking of an ADR based indicator (let say from last 5days) that calculates % based deviations same as yours (1st and 2nd Multiplier) and then with possibility to offset these same deviation lines but not from start of a trading session, but specifically from hour of your choice. For me most important is midnight in New York (UTC -4 New York) ;-) Would you be so nice and add that feature to your indicator or give ma a clue how to modify it?
Tannoff
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I love it, Thanks!
Symzy4
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Hey man- thanks for making this! I've noticed a pretty significant difference (error) in the data with respect to today's open +/- ADR levels. I tried using the 5 day and 14 day ADR averages and adding (and subtracting) them to the current day's open and the data does not match. I've seen as much as 50 bps difference. Any ideas on why the discrepancy in the data?
stollem5918
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Thanks for the Developer Note. That is a great explanation of the barmerge.lookahead_on parameter.