Tweet
Average Daily Range
I would like to put up a very simple indicator in order to get the Average Daily Range.
I am aware that eSignal comes with Average True Range but I am not interested in this.
I want only the difference between H and L over a certain period of time, like an average and then to divide it by the number of days.
For instance
(H-L)+(H1-L1)+(H2-L2) etc, for let's say 21 days and the result divided by 21. This should be an indicator, pretty much like ATR it is .
Because I want to use it for Forex trading, I want to get the result in pips and for this ATR is not good, is giving me only for instance 0.02 instead of the exact let's say 0.025 which would be 25 pips. This is because the system is designed for stocks.
So, anyone can help with an advice regarding this simple Average Daily Range (average of (H-L) over a period of time)?
Thank you
I am aware that eSignal comes with Average True Range but I am not interested in this.
I want only the difference between H and L over a certain period of time, like an average and then to divide it by the number of days.
For instance
(H-L)+(H1-L1)+(H2-L2) etc, for let's say 21 days and the result divided by 21. This should be an indicator, pretty much like ATR it is .
Because I want to use it for Forex trading, I want to get the result in pips and for this ATR is not good, is giving me only for instance 0.02 instead of the exact let's say 0.025 which would be 25 pips. This is because the system is designed for stocks.
So, anyone can help with an advice regarding this simple Average Daily Range (average of (H-L) over a period of time)?
Thank you
Comment