5 Day Average Daily Range — Indicator by IamTheDudeMan

ADR average range

adr average range

Simple 5 day average range, adjust to true price movement rather than fixed levels.

-Enjoy

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

//Created by Rob Olson 7.14.2014
//Average Daily Range Levels - 5 day

study(title="F0_ADR5", shorttitle="F0_ADR5", overlay=true) 

tsp=input(95,title="ADR Fill Transparency Level",type=integer)


dayHigh=security(tickerid, 'D', high[0]) 
dayLow=security(tickerid, 'D', low[0]) 

//ADR Levels
dayrange=(high - low)

r1 = security(tickerid, 'D', dayrange[1]) 
r2 = security(tickerid, 'D', dayrange[2]) 
r3 = security(tickerid, 'D', dayrange[3]) 
r4= security(tickerid, 'D', dayrange[4])
r5= security(tickerid, 'D', dayrange[5])

//get average daily range of prior 5 days
adr_5 = (r1+r2+r3+r4+r5) /5


//plot the adr levels
adrhigh=plot((dayLow+adr_5) , title="ADR High",style=line,color=navy,linewidth=2) 
adrlow=plot((dayHigh-adr_5), title="ADR LOW",style=line, color=aqua,linewidth=2)

fill(adrlow,adrhigh,color=aqua,transp=tsp)