Average Daily Range (Indicator)

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Input Information

Name	Expression	Default	Description
Length	Numeric	14	Number of daily bars to include in the calculation of the average daily range.
IncludeTodaysRangeInAvg	TrueFalse	False	True to include the in-progress daily bar in the calculation of the average daily range. False to calculate the average daily range as of the preceding daily bar's close.
UseTrueRange	TrueFalse	False	True to use true range for the calculations of the average range and today's range. False to use high minus low to calculate the average range and today's range.
RangePctOfAvgForAlert	Numeric	100	Value of today's range, as a percentage of the average range, above which an alert is triggered (if alerts have been enabled).
UsePlotColoringOfPct	TrueFalse	True	True to have the indicator automatically change the color of the percentage plot based on its level.
ColorPercentValuesAbove	Numeric	100	The level above which the percentage plot is colored AbovePercentPlotColor (see next input, below). This input has effect only if UsePlotColoringOfPct is true.
AbovePercentPlotColor	Numeric	MyColors( "DarkOrange" )	The color to use for percentage values that exceed ColorPercentValuesAbove. This input has effect only if UsePlotColoringOfPct is true.
ColorPercentValuesBelow	Numeric	0	The level below which the percentage plot is colored BelowPercentPlotColor (see next input, below). This input has effect only if UsePlotColoringOfPct is true.
BelowPercentPlotColor	Numeric	MyColors( "DodgerBlue" )	The color to use for percentage values that are less than ColorPercentValuesBelow. This input has effect only if UsePlotColoringOfPct is true.
ColorRangeBasedOnPriceChange	TrueFalse	True	True to have the indicator automatically change the color of the plot of today's range based on the relationship between the current price and the preceding day's closing price.
DailyPriceChgUpColor	Numeric	UpColorDefault	The color to use for today's range when the current price is greater than the preceding day's closing price. This input has effect only if ColorRangeBasedOnPriceChange is true.
DailyPriceChgDownColor	Numeric	DownColorDefault	The color to use for today's range when the current price is less than the preceding day's closing price. This input has effect only if ColorRangeBasedOnPriceChange is true.

Market Synopsis

Range is one way to measure volatility.

The Average Daily Range indicator provides information about the average daily "high minus low" or "true range" (user's choice, based on input settings) in RadarScreen.

This indicator provides information about both the current daily bar's range and the average daily range, regardless of the bar interval of the row to which the indicator is applied in RadarScreen. For example, this indicator displays the current daily bar's range and the average daily range on a row in RadarScreen that is set to an intraday bar interval (e.g., 5-minute bars).

Through coloring of the plot of the current day's range, this indicator provides an indication of the day's price movement relative to the close of the preceding daily bar. (This coloring is controlled through indicator inputs, and can be turned-off, if desired (see above).)

This indicator is intended for use in RadarScreen only. It is not intended for use in a chart, or in the Scanner.

Plot Information

Number	Name	Default Color	Description
Plot1	RangeToday	Green/Red	Plots today's range (or true range, based on input settings, see above).
Plot2	RangeAvg	Default (based on theme)	Plots the average daily range (or average daily true range).
Plot3	Today%Avg	Default (based on theme)	Plots a value that is the ratio of Plot1 to Plot2, expressed as a percentage. This value is today's range as a percentage of the average daily range.