If you’re looking to refine your trading strategy, the Average Daily Range (ADR) indicator for MetaTrader 4 is a fantastic tool to have in your arsenal. This handy indicator calculates the average daily price movement over 5, 10, and 20 days, giving you a clearer picture of market volatility.
Once you’ve got it set up, you’ll notice a convenient display in the top left corner of your chart. It shows the day's movement in pips and uses a color-coded system to make things easy to read:
- Yellow: Movement less than 20 pips
- Green: 20+ pips upward movement
- Red: 20+ pips downward movement
Additionally, the ADR indicator features a floating Top/Bottom Price box that provides real-time insights into price levels, helping you make more informed trading decisions.
Incorporating the Average Daily Range into your trading routine can help you assess potential price movements and set more effective entry and exit points. So, why not give it a go?
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