Monthly - Weekly - Daily Average True Range Indicator

Computater707

Well-Known Member
In one of ICT's teachings. I think it was in the WENT tutorial series he mentioned that an indicator that displayed Monthly, Weekly & Daily Average true range would be useful.

I cobbled one together and it looks like it might be useful as a guide to recognizing when a pair is overextended and that decreasing risk might be wise.

Hopefully the indicator is self explanatory. The first column is the current periods range (high-low) the second is the average true range for the specified period.

The bottom line is a countdown timer to the next bar
 

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rod178

Well-Known Member
Computater707 said:
In one of ICT's teachings. I think it was in the WENT tutorial series he mentioned that an indicator that displayed Monthly, Weekly & Daily Average true range would be useful.

I cobbled one together and it looks like it might be useful as a guide to recognizing when a pair is overextended and that decreasing risk might be wise.

Hopefully the indicator is self explanatory. The first column is the current periods range (high-low) the second is the average true range for the specified period.

The bottom line is a countdown timer to the next bar
Yes, I remember ICT's comment in the WENT tut, after which I also cobbled something together, in this case a script (the data is intrusive, so quick to add and remove) that also displays a running list of the Daily, Weekly & Monthly Ranges. Upper case is an up day, lower case is a down day. Must admit that I do not use ADR AWR or AMR much, as I could not find any statistical trading edge in the data. If anyone is interested I will dig out the source code and may even eventually get around to developing a graphical representation of the range data, maybe even boxes representing Market Maker Profiles.
 

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syzygus009

Well-Known Member
Computater707 said:
In one of ICT's teachings. I think it was in the WENT tutorial series he mentioned that an indicator that displayed Monthly, Weekly & Daily Average true range would be useful.

I cobbled one together and it looks like it might be useful as a guide to recognizing when a pair is overextended and that decreasing risk might be wise.

Hopefully the indicator is self explanatory. The first column is the current periods range (high-low) the second is the average true range for the specified period.

The bottom line is a countdown timer to the next bar
Im not sure it was ATR, but more like ADR.
 

rod178

Well-Known Member
syzygus009 said:
Im not sure it was ATR, but more like ADR.
Merely a daily, weekly or Monthly ATR.

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During one of Michael's videos he also commented on the irritating way MT4 can sometimes 'snap to' a Trendline's PRICE2, which often results in the line not being perfectly horizontal. I had previously developed a simple script to facilitate a better way of placing (horizontal) Trendlines. I've cleaned it up and posted the source below.

For those that can code it will be self explanatory, if not I'm happy to answer questions.

To Use :
- Just drag the script to the TIME1 & PRICE1 position on the chart.
- Clicking on the script (ie not dragging) will extend selected lines, of that color, one candle to the right, as well was making the line perfectly horizontal
-Making multiple copies of the script will make it easy to quickly place multiple different color lines. The other option is to facilitate edit by removing '//' in '//#property show_inputs'
 

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the golden gun

RINSE & REPEAT
rod178 said:
Merely a daily, weekly or Monthly ATR.

------------------------------------------------------------

During one of Michael's videos he also commented on the irritating way MT4 can sometimes 'snap to' a Trendline's PRICE2, which often results in the line not being perfectly horizontal. I had previously developed a simple script to facilitate a better way of placing (horizontal) Trendlines. I've cleaned it up and posted the source below.

For those that can code it will be self explanatory, if not I'm happy to answer questions.

To Use :
- Just drag the script to the TIME1 & PRICE1 position on the chart.
- Clicking on the script (ie not dragging) will extend selected lines, of that color, one candle to the right, as well was making the line perfectly horizontal
-Making multiple copies of the script will make it easy to quickly place multiple different color lines. The other option is to facilitate edit by removing '//' in '//#property show_inputs'
i just hold shift while dragging it, and if you slide it from side to side over the point of origin, it will auto-fix to horizontal
 

rod178

Well-Known Member
the golden gun said:
i just hold shift while dragging it, and if you slide it from side to side over the point of origin, it will auto-fix to horizontal
That works, I was not aware of that MT4 feature.
 

sqa

Village Scribe
the golden gun said:
my goal is to make ICT aware of it too, it's so painful watching him try to get it just perfect sometimes :p
The Shift + Click allows you to shrink/expand a line without shifting its angle (thanks for that, btw!), but is there a way to get it to snap-to Horizontal?
 

classy

Member
rod178 said:
Merely a daily, weekly or Monthly ATR.

------------------------------------------------------------

During one of Michael's videos he also commented on the irritating way MT4 can sometimes 'snap to' a Trendline's PRICE2, which often results in the line not being perfectly horizontal. I had previously developed a simple script to facilitate a better way of placing (horizontal) Trendlines. I've cleaned it up and posted the source below.

For those that can code it will be self explanatory, if not I'm happy to answer questions.

To Use :
- Just drag the script to the TIME1 & PRICE1 position on the chart.
- Clicking on the script (ie not dragging) will extend selected lines, of that color, one candle to the right, as well was making the line perfectly horizontal
-Making multiple copies of the script will make it easy to quickly place multiple different color lines. The other option is to facilitate edit by removing '//' in '//#property show_inputs'
I AM NEW HERE.PLEASE EXPLAIN AND HELP
To Use :
- Just drag the script to the TIME1 & PRICE1 position on the chart.
- Clicking on the script (ie not dragging) will extend selected lines, of that color, one candle to the right, as well was making the line perfectly horizontal
-Making multiple copies of the script will make it easy to quickly place multiple different color lines. The other option is to facilitate edit by removing '//' in '//#property show_inputs'
[/quote]
THANKS IN ADVANCE
 

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