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ADR Indicator

Stop using same technical tools and analysis for all forex market conditions. Use the ADR – Average daily range to measure market volatility and apply best trading strategies according to market volatility. Download now and improve trading results.

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Description

The ADR – Average Daily Range is an important measure of volatility. Moreover it’s an excellent forex technical analysis tool to identify trend changes. Additionally, the combination of ADR levels, volume and momentum levels help forex traders identify range breakout. This indicator calculates three ADR values of 5, 10 and 20 periods to help traders identify the current market situation.

Features of ADR MT4 Indicator

The three different ADR periods help intraday traders, short and long term forex traders to effectively identify the best stop loss and take profit ranges. Moreover, the indicator plots the distance of the top and bottom ADR from the current market price at the chart comments area.

If price moves beyond the average daily range it indicates increased volatility and a potential change in trading range. So, traders should employ trading strategies to accommodate increased volatility. On the other hand, when the ADR values are low trading strategies effective for range trading are beneficial.

An increase in volume and momentum near an upper ADR line indicates a buy signal. Similarly, traders should enter sell trades in such conditions near a lower ADR line.

Benefits of ADR MT4 Indicator

Most trading strategies work beneficially either in a high volatile market condition or during low volatility. The ADR effectively helps traders to choose the best trading strategies according to volatility.

Forex traders tend to place a stop loss beyond the ADR as the possibility of triggering the stop loss is slim. On the other hand, profit targets are kept well within the ADR range with a highest possibility to hit them. This further enables the traders to calculate the risk reward ratio and calculate the lot size accordingly.

Additionally, the upper and lower ADR values help traders to identify potential support and resistance range.

Indicator Settings Description

Show_ADR5:, Show_ADR10:, Show_ADR20: Enables display of the values on chart comment area.

ExcludeSundayData: Enables exclusion of data and avoids inconsistent ADR calculation.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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