FBI wrote: Thu Dec 13, 2018 1:55 am
Indicator request
I do not know, if this kind of indicator exist all ready, but this is how it should work.
After first minute close, at Daily Open, indicator should draw two vertical lines, up and down, after let`s say 20 Daily Average range.
Let`s say for example that GBPJPY 20 Days Average Range is 170 pips, so after that first minute close, two lines one up and one down 170 pips distance.
In picture only can show upper line, lower line is so far away so we can`t see that.
GBPJPYM1.png
that is exactly ADR for prices for daily move.
i find it better to do it manually, as many times after large compression , average of n days range can be low and still prices can spike more,
so i have adopted different method,
say for example , for any instrument(with full lot size) margin call is going to get triggered at $300(from previous days close price level), then convert that to pips, and draw lines of that pips on both sides starting from previous days close price level, that is the daily range for that instrument for that day on both sides depending on your view of trend.
as this is done using levels, where margin calls are taken into account that is the PANIC level for the traders both for INTRADDAY as well as for SWING traders. you may do it from open prices, though i find previous days close prices more useful.
i think i have posted one indicator in mt4 indicator bank section that you can try if you want that takes in to account n days range in calculations and draws automatic lines as you need.
but i still prefer to draw lines daily manually using previous days closing prices.