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Average Daily Range

The ADR HighLow indicator is a new and popular forex indicator that traders can use for free on the MT4 platform. This indicator measures the average daily range (ADR) of a currency pair and displays the high and low of the day, and is also a great tool for setting stop loss and take profit levels. Use the best ADR indicator to identify potential support and resistance levels and use their trading strategy successfully.

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Description

In the dynamic world of forex trading, understanding market volatility is a crucial element of success. The Average Daily Range (ADR) Indicator, a free and powerful tool for the MT4 platform, offers traders a comprehensive view of the market’s daily price fluctuations, empowering them to make well-informed trading decisions.

Features of the Indicator

The ADR Indicator is designed to provide traders with a clear and concise representation of the average daily price range for a given currency pair. This indicator calculates the difference between the daily high and low, displaying the results in a visually appealing manner.

The ADR can be configured to show the high and low levels for a single day, week, or month, giving traders the flexibility to tailor the indicator to their specific trading strategies.

How the Indicator Can Benefit You

By incorporating the ADR Indicator into your trading arsenal, you gain valuable insights into the market’s volatility patterns. This information can be instrumental in identifying potential support and resistance levels, as well as determining the appropriate placement of stop-loss and take-profit orders.

Whether you’re a scalper, day trader, or swing trader, the ADR Indicator can help you make more informed trading decisions, ultimately enhancing your chances of consistent profitability in the forex market.

Indicator Settings

TimeZoneOfDate: Time zone settings of the broker for adjusting the GMT offset.

TimeZoneOfSession: Time zone settings for trading sessions.

ATRPeriod: Period setting for ATR indicator calculation.

Color settings.

Conclusion

The Average Daily Range Indicator is a free and powerful tool that offers traders a comprehensive understanding of the market’s daily price fluctuations. By providing clear visual cues on the high and low levels, this indicator empowers you to make more informed trading decisions and capitalize on the ever-changing forex landscape. Download the ADR Indicator today and take your trading to new heights of success.

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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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