Average Daily Trading Range for Thinkorswim (Not ATR)

$12.99

The average true range (ATR) is a technical analysis indicator that measures market volatility by decomposing the entire range of an asset price for a given time period. This is NOT that. That ATR measurement takes into consideration all of the stocks gaps. When we are intra-day trading, we really just need an accurate estimate of a stock’s average daily trading range (ADR) in the trading day. That’s what this script does for you. You tell it how many days you would like to average, and it adds the label to your chart in the upper left. Simple, and straightforward solution to help keep you out of bad trades! Don’t go long when a stock is trading toward the top of it’s range, and don’t go short when it’s at the bottom. Simple.

 

In stock

Description

Use for futures or stocks. When using for futures, be sure to set the “round result” option to no. Available options include:

  • days: Number of days to go back.
  • offset: Offset by this many days.
  • show label: Option to leave study in place, but hide the label if desired.
  • label color: Background color for the label.
  • round result: Round the result down to the nearest penny.
  • display as percent: Display the ADR as a percentage instead of a dollar amount.
  • percent type: (When display as percent = yes)
    • OF_AVG: Display today’s range as % of avg. range.
    • OF_CLOSE: Display avg. range as % of close price.

Installation

Additional information

Feature

Label

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CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Average Daily Trading Range for Thinkorswim (Not ATR)

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