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Daily ADR

The Daily ADR indicator for MT5 displays the ADR of the price. Simply add it to your chart to see the average true range for the day. Try now!

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Description

The Daily Average Daily Range (ADR) indicator for MT5 is a tool that measures the daily average price movement of financial instruments. It helps traders in gauging the average range of highs and lows an instrument can move daily.

Therefore, the indicator can be used to make trading projections in line with the average daily limits of a financial instrument of interest. For instance, Forex traders may use the ADR line as a take-profit zone. Thus, this chart-friendly indicator is recommended for scalpers, day/intraday, and swing traders.

Features of the Daily ADR Indicator for MT5

The indicator is a simple tool that plots short horizontal lines that depict the average daily highs and lows ranges of a financial instrument. Besides, it displays the ADR value along with the horizontal lines on the MT5 trading platform. Furthermore, the color of the ADR line changes when the price touches it.

Benefits of Using the Indicator

  • Trend Reversal Identification: The indicator can be used to identify a potential zone for short-term trend reversal trading opportunities. For instance, scalpers and day traders may look for a selling opportunity when the price shows reversal signs at the ADR high.
  • Improves Trading Efficiency: The ADR indicator for MT5 helps traders to identify optimal levels to set realistic targets for take-profits. This can improve success rates and overall trading performance.

Indicator Settings Description

The indicator comes with the following customizable settings:

Chart time zone (from GMT): Define the time zone.

Dest time zone (from GMT): Used to set the time zone.

ATR period: Determines the period for ADR calculation.

Line style: Determines the ADR line style.

Normal thickness: Determines the thickness of the line.

Normal color: Defines the color of the line.

Thickness for range reached state: Defines the thickness of the ADR when the price touches it.

Color for range reached state: Defines the ADR color when the price touches it.

DebugLogger: No impact on the indicator.

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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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