Multi ADR

Trading News

MetaTrader ADR indicator displays the ADR (average daily range) values for the present day, the previous day, than the average of the past 5, 10 and finally 20 days.

Multi ADR functions

The beauty of this free ADR indicator for MetaTrader is that that it doesn't draw anything on the chart, instead it creates another window. This way, the chart remains clear for the trader to better focus on the price movement, or to make use ot other indicators or expert advisors that can help in the forex trading process.

Multi ADR (average daily range) indicator for MetaTrader

In the photo chart above, the ADR is 777, followed by the previous day's ADR that is 1093 and so on. The ADR values are used by some traders to predict how much the price will move, compared to the previous day. Basically, if yesterday the price moved 1093 pips, one can assume that today the price will move about the same (1000 pips), and use this to either set take profits, stoploss etc. While nothing is 100% sure in trading forex, the above might happen especially when the price is trending, and therefore moving about the same number of pips each day.
In the right side of the indicator there are also the daily low, which is the lowest level the price dropped in the current day, and also the daily high, that being the highest level (the top of the lower high on the chart, the 3rd last candle.

Multi ADR Settings

Multi ADR settings for the ADR indicator (MetaTrader)

There aren't any complicated settings for this MT4 indicator, only choose the number of days you want the indicator to display the ADR values and the color of the text.
You can download this Metatrader indicator free from here.