The indicator draws the expected daily range directly on the chart. In other words, the daily range will be at most 200 pips with a 90% confidence.Īvoid trading pairs whose daily range is approaching 100% or more, especially in days when there weren’t any significant news events. A 90% confidence level of 200 pips for example, means that 90% of the times, the daily range was 200 pips or lower. The panel also shows two confidence levels (by default, the 75% and 90% confidence levels). For example, if the average daily range is 100 pips, and today’s daily range was 70 pips so far, the indicator will show 70% next to the average range’s value. The indicator’s panel shows the average daily range, along with the % of the current day’s range compared to the average. Plots the expected daily range directly on the chart.Shows the 75% and 90% daily range confidence levels (customizable).Pinpoints the current day’s range in % to the average.Shows the average daily range along with the completed %.It also shows the expected top and bottom price based on this average range. The Daily Range Indicator for MT4 (Metatrader 4), also called Average Daily Range (ADR) indicator, is a fundamental tool for day traders that calculates the average daily range, along with chosen confidence levels, so that you can better estimate the daily volatility.
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