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?.
