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gbAvgDailyRangeZones

gbAvgDailyRangeZones, Ver 1.0, TraderGB, April 7, 2021 A big thanks to BobC for beta testing.

Description: Average daily range zones based on daily ATR and percentage of standard deviation of daily ATR(1) over lookback period.

Important Note: Do NOT put this on an intraday chart with Tick Replay on. It will attempt to download 300 days of tick data. Trust me, you don't want that. It doesn't matter if you set 'Daily Bar Lookback' at a low value. If you do want to put this on an intraday chart with Tick Replay on, I suggest that you go into the code and change the second data series from 300 to something that is acceptable to you and recompile. Sorry, I didn't consider this issue during design and is something that just slipped through the testing process. My apologies.

Following are the calculations for this indicator:

Open = ETH Open
ATR = ATR(Daily, Lookback)[1]
Breadth = StdDev(ATR(Daily, 1), Lookback)[1] * StdDevBreadthMultiple (used to define zone width)

Upper Outer Zone: Open + ATR * 1.00 +/- Breadth
Upper Mid Line : Open + ATR * 0.75
Upper Inner Zone: Open + ATR * 0.50 +/- Breadth
Open Zone : Open +/- Breadth
Lower Inner Zone: Open - ATR * 0.50 +/- Breadth
Lower Mid Line : Open - ATR * 0.75
Lower Outer Zone: Open - ATR * 1.00 +/- Breadth

Features:
1) Can have up to 300 days of daily bars for calculations while only having 1-2 days of intraday bars on the chart (default=252 days)
2) Option to adjust breadth of zones with StdDev Breadth Multiple (default=.2, 0=no zones)
3) Option to show ATR% for day relative to ATR over lookback period. Also, shows days range.

Notes:
1) Only applies to intraday bar charts

Please DM me if you find any issues.

Category NinjaTrader 8 Indicators and More

Details: gbAvgDailyRangeZones
Category: NinjaTrader 8 Indicators and More

April 7th, 2021
Size: 8.01 KB
Downloaded: 515 times

Comments/ratings

Realtimetrader April 10th, 2021 10:05 AM

Thanks for this tool.

Tradarr April 17th, 2021 03:44 PM

Thanks!

FT35000 April 18th, 2021 12:47 PM

Thank you very much. If you ever need a Tester, Just let me know.

renvik April 22nd, 2021 06:06 PM

No Comment

bmforum April 24th, 2021 08:09 AM

thanks

faithdefender May 6th, 2021 06:34 PM

No Comment

Rickb June 29th, 2021 07:44 AM

No Comment

zoomie December 14th, 2022 04:18 PM

No Comment

ballhaj June 18th, 2023 02:12 AM

Thanks!

sigmatrader December 19th, 2023 09:53 AM

Very useful and novel coding.