You can also change the line styles, thicknesses, and colors as I mentioned earlier. Other settings include adjusting the ATRPeriod variable to increase or decrease the number of days that will be counted to get your average range. This indicator should work with most brokers by default, but if it’s out of sync, you can adjust the TimeZoneOfData or TimeZoneOfSession variables to bring the indicator into sync with your broker. To check this, bring up your period separators ( Ctrl+Y), and make sure the vertical lines are in sync. This is helpful for making sure that the indicator is in sync with your broker’s data. The indicator also prints out a vertical line marking the start of the day. I use the same thickness and style, but my regular line is black, while my hit line is crimson (see the settings below). You can select different colors, thicknesses, and styles for your regular line and your hit line. When one of those lines are reached, the average daily range has been hit. In other words, in the image above, if price were to make a new high for the day, the lower ADR level would come up so that the measurement between the two would remain 114.9 pips. These levels adjust when new highs or lows are made, because the ADR stays the same (at least until the next day). The ADR is represented by measuring the difference between the lowest low of the day and the upper ADR level, or the highest high of the day and the lower ADR level – depending on which direction your measuring. Note: The ADR is not the difference between the upper and lower levels that this indicator displays. It also prints out an upper and lower ADR line which adjust with the day’s price action. I also commented out a couple of unnecessary features.Īs you can see from the chart above, this ADR indicator prints a text label in the upper-left hand corner showing the average daily range as well as the current day’s range.

Note: I basically commented out some code related to labels which cluttered up the chart. The result is a simple, clean looking ADR indicator for MT4.

I had to edit the code slightly to get the results that I was looking for, but I think you guys will be pretty happy with it. It has been very useful to me, so I went looking for a similar ADR indicator to share with you guys. I use the excellent ADR indicator from Day Trading Forex Live.

Installation Instructions: What’s the Best ADR Indicator for MT4?.

Adr indicator mt4 mobile