This script is designed to provide traders with a high-level overview of market volatility and specific price targets directly on their trading chart. It automates the calculation of "Average Daily Ranges" (ADR), which helps traders understand how much a currency pair typically moves in a single day based on historical data.
Core Functionality
1. Historical Volatility Tracking The script automatically scans the market's price history to calculate the average daily range over several different timeframes. Specifically, it calculates and displays:
- Current Day's movement.
- Rolling averages for 1-day, 3-day, 5-day, 10-day, and 20-day periods.
2. Dynamic Data Visualization Instead of requiring you to do manual math, the script populates a clean dashboard at the top of your chart. It identifies:
- The current movement for today.
- The average daily pip movement across five distinct historical windows (1, 3, 5, 10, and 20 days).
3. Intelligent Stop-Loss Calculations One of the primary purposes of this logic is to assist in risk management. The script uses the "Average Daily Range" to suggest potential Stop-Loss levels based on two different proportions:
- The 1/2 ADR: This suggests a stop-loss based on half of the average daily movement.
- The 3/4 ADR: This suggests a broader stop-loss based on 75% of the average daily movement.
By providing these values, the script helps you align your trades with the "natural" breathing room of the market, ensuring your stops are not placed too tightly (where they might be hit by normal noise) or too loosely (where they might risk too much capital).
4. Automated Management The script handles all the heavy lifting regarding data retrieval. It constantly updates these figures as new price data arrives and ensures that the visual labels on your screen are refreshed automatically, providing you with a "live" snapshot of market volatility at any given moment.
Price Data Components
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adr_sl-noline_mod
//+------------------------------------------------------------------+
//| ADR_SL-NoLine.mq4 |
//| Copyright © Terry Nicholls |
//| Some code modified from TSR_Ranges.mq4 by Ogeima |
//| made for FXiGoR for the TSR Trend Slope Retracement method |
//| modified to the DYNAMIC Daily Range Breakout System |
//+------------------------------------------------------------------+
/* This will display at the top of your chart the Average Daily Range (pip movement)
for Yesterday, Today, and 5, 10, and 20 day periods.
Below that will display the number of pips for a Stop Loss based on 1/2 and 3/4
of the ADR. */
#property copyright "Copyright © Terry Nicholls"
#property indicator_chart_window
extern double Risk_to_Reward_ratio = 3.0;
int nDigits;
double today_high=0;
double today_low=0;
double D=0;
double nD=0;
double nhR1=0;
double nqR1=0;
double nhR3=0; // 3 Days
double nqR3=0; // 3 Days
double nhR5=0;
double nqR5=0;
double nhR10=0;
double nqR10=0;
double nhR20=0;
double nqR20=0;
double rates_d1[2][6];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
IndicatorShortName("Avg_Dly_Rng");
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
ObjectDelete("Avg_Dly_Rng1");
ObjectDelete("Avg_Dly_Rng2");
ObjectDelete("Avg_Dly_Rng3");
ObjectDelete("Avg_Dly_Rng4");
ObjectDelete("Avg_Dly_Rng5");
ObjectDelete("Avg_Dly_Rng6");
ObjectDelete("Avg_Dly_Rng7");
ObjectDelete("Avg_Dly_Rng8");
ObjectDelete("Avg_Dly_Rng9");
ObjectDelete("Avg_Dly_Rng10");
ObjectDelete("Avg_Dly_Rng11");
ObjectDelete("Avg_Dly_Rng12");
ObjectDelete("Avg_Dly_Rng13");
ObjectDelete("Avg_Dly_Rng14");
ObjectDelete("Avg_Dly_Rng15");
ObjectDelete("Avg_Dly_Rng16");
ObjectDelete("Avg_Dly_Rng17");
ObjectDelete("Avg_Dly_Rng18");
ObjectDelete("Avg_Dly_Rng19");
ObjectDelete("Avg_Dly_Rng20");
ObjectDelete("Avg_Dly_Rng21");
ObjectDelete("Avg_Dly_Rng22");
ObjectDelete("Avg_Dly_Rng23");
ObjectDelete("Avg_Dly_Rng24");
ObjectDelete("Avg_Dly_Rng25");
ObjectDelete("Avg_Dly_Rng26");
ObjectDelete("Avg_Dly_Rng27");
ObjectDelete("Avg_Dly_Rng28");
ObjectDelete("Avg_Dly_Rng29");
ObjectDelete("Avg_Dly_Rng30");
ObjectDelete("Avg_Dly_Rng31");
ObjectDelete("Avg_Dly_Rng32");
ObjectDelete("Avg_Dly_Rng33");
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
ArrayCopyRates(rates_d1, Symbol(), PERIOD_D1); //---- Get new daily prices
int R1=0,R3=0,R5=0,R10=0,R20=0,RAvg=0;
int RoomUp=0,RoomDown=0,StopLoss_Long=0,StopLoss_Short=0;
double SL_Long=0,SL_Short=0;
double low0=0,high0=0;
string Text="";
int i=0;
today_high = rates_d1[0][3];
today_low = rates_d1[0][2];
D = (today_high - today_low);
R1 = (iHigh(NULL,PERIOD_D1,1)-iLow(NULL,PERIOD_D1,1))/Point;
for(i=1;i<=3;i++) // 3 Day Code
R3 = R3 + (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point; // 3 Day Code
for(i=1;i<=5;i++)
R5 = R5 + (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
for(i=1;i<=10;i++)
R10 = R10 + (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
for(i=1;i<=20;i++)
R20 = R20 + (iHigh(NULL,PERIOD_D1,i)-iLow(NULL,PERIOD_D1,i))/Point;
R3 = R3/3; // 3 Days Code
R5 = R5/5;
R10 = R10/10;
R20 = R20/20;
RAvg = (R1+R3+R5+R10+R20)/5;
low0 = iLow(NULL,PERIOD_D1,0);
high0 = iHigh(NULL,PERIOD_D1,0);
RoomUp = RAvg - (Bid - low0)/Point;
RoomDown = RAvg - (high0 - Bid)/Point;
StopLoss_Long = RoomUp/Risk_to_Reward_ratio;
SL_Long = Bid - nhR1*Point;
StopLoss_Short = RoomDown/Risk_to_Reward_ratio;
SL_Short = Bid + nhR1*Point;
if (D > 1)
{
nD = D;
}
else
{
nD = D*10000;
}
if (R1 > 1)
{
nhR1 = R1/2;
}
else
{
nhR1 = 0;
}
if (R1 > 1)
{
nqR1 = R1*0.75;
}
else
{
nqR1 = 0;
}
//---- 3 Days Code
if (R3 > 1)
{
nhR3 = R3/2;
}
else
{
nhR3 = 0;
}
if (R3 > 1)
{
nqR3 = R3*0.75;
}
else
{
nqR3 = 0;
}
//---- Fin 3 Days Code
if (R5 > 1)
{
nhR5 = R5/2;
}
else
{
nhR5 = 0;
}
if (R5 > 1)
{
nqR5 = R5*0.75;
}
else
{
nqR5 = 0;
}
if (R10 > 1)
{
nhR10 = R10/2;
}
else
{
nhR10 = 0;
}
if (R10 > 1)
{
nqR10 = R10*0.75;
}
else
{
nqR20 = 0;
}
if (R20 > 1)
{
nhR20 = R20/2;
}
else
{
nhR20 = 0;
}
if (R20 > 1)
{
nqR20 = R20*0.75;
}
else
{
nqR20 = 0;
}
// Displays Average Daily Range for Today, Yesterday, 3 Days, 5 Days, 10 Days, and 20 Days
ObjectCreate("Avg_Dly_Rng1", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng1","Today: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng1", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng1", OBJPROP_XDISTANCE, 225);
ObjectSet("Avg_Dly_Rng1", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng2", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng2",DoubleToStr(nD ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng2", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng2", OBJPROP_XDISTANCE, 285);
ObjectSet("Avg_Dly_Rng2", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng3", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng3","1 Day: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng3", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng3", OBJPROP_XDISTANCE, 325);
ObjectSet("Avg_Dly_Rng3", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng4", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng4",DoubleToStr(R1 ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng4", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng4", OBJPROP_XDISTANCE, 380);
ObjectSet("Avg_Dly_Rng4", OBJPROP_YDISTANCE, 2);
//---- 3 Days Code
ObjectCreate("Avg_Dly_Rng5", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng5","3 Day: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng5", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng5", OBJPROP_XDISTANCE, 420);
ObjectSet("Avg_Dly_Rng5", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng6", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng6",DoubleToStr(R3 ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng6", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng6", OBJPROP_XDISTANCE, 475);
ObjectSet("Avg_Dly_Rng6", OBJPROP_YDISTANCE, 2);
//---- Fin 3Day Code
ObjectCreate("Avg_Dly_Rng7", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng7","5 Day: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng7", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng7", OBJPROP_XDISTANCE, 420);
ObjectSet("Avg_Dly_Rng7", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng8", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng8",DoubleToStr(R5 ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng8", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng8", OBJPROP_XDISTANCE, 475);
ObjectSet("Avg_Dly_Rng8", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng9", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng9","10 Day: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng9", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng9", OBJPROP_XDISTANCE, 515);
ObjectSet("Avg_Dly_Rng9", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng10", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng10",DoubleToStr(R10 ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng10", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng10", OBJPROP_XDISTANCE, 579);
ObjectSet("Avg_Dly_Rng10", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng11", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng11","20 Day: ", 12, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng11", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng11", OBJPROP_XDISTANCE, 619);
ObjectSet("Avg_Dly_Rng11", OBJPROP_YDISTANCE, 2);
ObjectCreate("Avg_Dly_Rng12", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng12",DoubleToStr(R20 ,0),12, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng12", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng12", OBJPROP_XDISTANCE, 683);
ObjectSet("Avg_Dly_Rng12", OBJPROP_YDISTANCE, 2);
// Displyas Stop Loss targets for 1/2 and 3/4 of Average Daily Ranges
ObjectCreate("Avg_Dly_Rng13", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng13","S/L @ 1/2 & 3/4 ADRs: ", 10, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng13", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng13", OBJPROP_XDISTANCE, 185);
ObjectSet("Avg_Dly_Rng13", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng14", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng14","1 = ", 9, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng14", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng14", OBJPROP_XDISTANCE, 327);
ObjectSet("Avg_Dly_Rng14", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng15", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng15",DoubleToStr(nhR1 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng15", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng15", OBJPROP_XDISTANCE, 353);
ObjectSet("Avg_Dly_Rng15", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng16", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng16","/", 9, "Arial", RoyalBlue);
ObjectSet("Avg_Dly_Rng16", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng16", OBJPROP_XDISTANCE, 379);
ObjectSet("Avg_Dly_Rng16", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng17", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng17",DoubleToStr(nqR1 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng17", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng17", OBJPROP_XDISTANCE, 385);
ObjectSet("Avg_Dly_Rng17", OBJPROP_YDISTANCE, 20);
//---- 3 Days Code
ObjectCreate("Avg_Dly_Rng18", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng18","3 = ", 9, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng18", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng18", OBJPROP_XDISTANCE, 422);
ObjectSet("Avg_Dly_Rng18", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng19", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng19",DoubleToStr(nhR3 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng19", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng19", OBJPROP_XDISTANCE, 448);
ObjectSet("Avg_Dly_Rng19", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng20", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng20","/", 9, "Arial", RoyalBlue);
ObjectSet("Avg_Dly_Rng20", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng20", OBJPROP_XDISTANCE, 474);
ObjectSet("Avg_Dly_Rng20", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng21", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng21",DoubleToStr(nqR3 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng21", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng21", OBJPROP_XDISTANCE, 480);
ObjectSet("Avg_Dly_Rng21", OBJPROP_YDISTANCE, 20);
//---- Fin 3Days Code
ObjectCreate("Avg_Dly_Rng22", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng22","5 = ", 9, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng22", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng22", OBJPROP_XDISTANCE, 422);
ObjectSet("Avg_Dly_Rng22", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng23", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng23",DoubleToStr(nhR5 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng23", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng23", OBJPROP_XDISTANCE, 448);
ObjectSet("Avg_Dly_Rng23", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng24", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng24","/", 9, "Arial", RoyalBlue);
ObjectSet("Avg_Dly_Rng24", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng24", OBJPROP_XDISTANCE, 474);
ObjectSet("Avg_Dly_Rng24", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng25", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng25",DoubleToStr(nqR5 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng25", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng25", OBJPROP_XDISTANCE, 480);
ObjectSet("Avg_Dly_Rng25", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng26", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng26","10 = ", 9, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng26", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng26", OBJPROP_XDISTANCE, 517);
ObjectSet("Avg_Dly_Rng26", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng27", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng27",DoubleToStr(nhR10 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng27", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng27", OBJPROP_XDISTANCE, 549);
ObjectSet("Avg_Dly_Rng27", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng28", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng28","/", 9, "Arial", RoyalBlue);
ObjectSet("Avg_Dly_Rng28", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng28", OBJPROP_XDISTANCE, 576);
ObjectSet("Avg_Dly_Rng28", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng29", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng29",DoubleToStr(nqR10 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng29", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng29", OBJPROP_XDISTANCE, 582);
ObjectSet("Avg_Dly_Rng29", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng30", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng30","20 = ", 9, "Arial Bold", RoyalBlue);
ObjectSet("Avg_Dly_Rng30", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng30", OBJPROP_XDISTANCE, 621);
ObjectSet("Avg_Dly_Rng30", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng31", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng31",DoubleToStr(nhR20 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng31", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng31", OBJPROP_XDISTANCE, 653);
ObjectSet("Avg_Dly_Rng31", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng32", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng32","/", 9, "Arial", RoyalBlue);
ObjectSet("Avg_Dly_Rng32", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng32", OBJPROP_XDISTANCE, 680);
ObjectSet("Avg_Dly_Rng32", OBJPROP_YDISTANCE, 20);
ObjectCreate("Avg_Dly_Rng33", OBJ_LABEL, 0, 0, 0);
ObjectSetText("Avg_Dly_Rng33",DoubleToStr(nqR20 ,0),9, "Arial Bold", Tomato);
ObjectSet("Avg_Dly_Rng33", OBJPROP_CORNER, 0);
ObjectSet("Avg_Dly_Rng33", OBJPROP_XDISTANCE, 686);
ObjectSet("Avg_Dly_Rng33", OBJPROP_YDISTANCE, 20);
return(0);
}
//+------------------------------------------------------------------+
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