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IMPORTANT: Read Before Installing

The Average Daily Range Levels indicator is essential for displaying the daily price range on your trading screen, along with projected extensions of that range as the day progresses. Note that to compute an ADR, you must have data for at least as many days as the ADR period you set; this should include weekends, which may lack data. For example, to display a 14-day ADR, ensure you have data for at least 14 actual trading days.

Features of the ADR Indicator:

  • Real-Time Updates:
    The indicator updates live with each price tick.
  • Projection Lines:
    These are not predictions but are calculated by adding or subtracting the ADR from the current daily high/low. These lines dynamically adjust and lock in color once the ADR is met, remaining visible throughout the trading session.
  • Last-Bar SmartFit adjusts the ADR projection lines to align with the day’s lowest or highest price, depending on which occurred first. This visual adjustment is particularly useful for assessing how closely the day’s trading activity approached the ADR, providing a clearer historical perspective. This adjustment is made only on the last bar of the session.
  • Auto-Scaling:
    Enabling ‘AutoScaleLines’ ensures that projection lines remain visible by scaling the display.
  • On-Screen Display:
    Provides a percentage indicating how much of the current day’s range compares to the ADR, helping traders understand market volatility in real-time.
  • Customization:
    Users can choose to display lines, textual data, or both.

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