colejustice

Average Daily Range Fibonacci Levels

The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This indicator uses that range in conjunction with Fibonacci ratios to create zones centered on the day's open that tends to act as areas of support and resistance .

The thicker White lines are the ADR levels; all other lines are the same value adjusted by the various Fibonacci values.

A simpler version of this concept can be seen in my other script, Average Daily Range Zones, which does not include the Fibonacci ratio zones.

Thanks to @Hank Hill for the original idea and TV for the feedback and support on the use of the security() function.
Also thanks to @GoldenCross for the Fibonacci obsession.
リリースノート: 1. Added a toggle for showing the zone fills only.
2. Added a toggle for price lines for the current day's fib levels.
リリースノート: Added the ability to adjust the timeframe used for the average range calculation.
リリースノート: Added some more options for visibility settings.
リリースノート: Added a "dynamic mode" for fibs outside of the ADR range; when toggled, the script will automatically turn on or off those higher or lower fibs levels based on the high or low of day's proximity to them.
リリースノート: Added alerts for price crossing fib levels, and a toggle for hiding historical ADR and fibs (plot only for today).
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how to use plz explain . where to take entry and exit ? how to identify entry and exit point?
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colejustice Krishivu
@Krishivu, this isn't designed as a standalone strategy; rather it gives you possible areas of support and resistance based on the ADR. I personally use it to watch for possible places the price movement may halt or reverse.
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could you add a multi time frame as 4h to M THANKS IN ADVANCE
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@jastoor, good idea; done.
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jastoor colejustice
@colejustice, great
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