Average Daily Range Indicator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
This indicator displays the Average Daily Range for the last 5 days. Could potentially be useful for finding hidden support and resistance levels on intraday chart.





Notes:

  • - The blue line = high of average daily range
  • - The pink line = low of average daily range

thinkScript Code
Rich (BB code):
#Hint: Average Daily Range

def len = 2;

def dayHigh = DailyHighLow(AggregationPeriod.DAY, len, 0, no).dailyhigh;
def dayLow = DailyHighLow(AggregationPeriod.DAY, len, 0, no).DailyLow;

def ADR_high = (dayHigh + dayHigh[1] + dayHigh[2] + dayHigh[3] + dayHigh[4]) / 5;
def ADR_low = (dayLow + dayLow[1] + dayLow[2] + dayLow[3] + dayLow[4]) / 5;

plot ADR_H = ADR_high;
plot ADR_L = ADR_low;
Shareable Link
http://tos.mx/1yaAuM

Credit:

 
Last edited:
markos

markos

Active member
VIP
@BenTen one of those IV scripts from last week also plots like the indicator you have above.

 
Last edited:

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