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Daily average range
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Daily average range

  #1 (permalink)
Elite Member
Sunshine Coast Queensland Australia
 
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Daily average range

Hi,
I am wondering if there is either an indicator for NT7 that will simply give you a number, being the average daily range for a prescribed lookback period. Or some other way to find out what I seek?

EG: Lookback 90 days, it takes each days range, adds them all up then divides by 90.

My purpose lies in determining on average how many ticks to aim for per day in a given market.
Theory is should be able to get 30% of the daily range.

Cheers,
Ken.

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  #2 (permalink)
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KennyK View Post
Hi,
I am wondering if there is either an indicator for NT7 that will simply give you a number, being the average daily range for a prescribed lookback period. Or some other way to find out what I seek?

EG: Lookback 90 days, it takes each days range, adds them all up then divides by 90.

My purpose lies in determining on average how many ticks to aim for per day in a given market.
Theory is should be able to get 30% of the daily range.

Cheers,
Ken.

Sounds like all you need is the ATR indicator that comes with NT and set the period to 90.

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  #3 (permalink)
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KennyK View Post
Hi,
I am wondering if there is either an indicator for NT7 that will simply give you a number, being the average daily range for a prescribed lookback period. Or some other way to find out what I seek?

EG: Lookback 90 days, it takes each days range, adds them all up then divides by 90.

My purpose lies in determining on average how many ticks to aim for per day in a given market.
Theory is should be able to get 30% of the daily range.

Cheers,
Ken.

Example:
Put up an ATR(90) as a line which is default. Then put up an ATR(1) as a bar and put them on the same panel. It will look like this.

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  #4 (permalink)
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Here's another thought. The ATR for a daily chart is imo a bit misleading for day traders because it reports for the full day. Day traders on the other hand actively trade for a session. So, what I do is create a session template for my trading session so I can do my analysis based on that as opposed to the full day. Obviously, swing traders don't have the same issue.

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  #5 (permalink)
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MWinfrey View Post
Example:
Put up an ATR(90) as a line which is default. Then put up an ATR(1) as a bar and put them on the same panel. It will look like this.

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How do I get them both in the same panel?
Also do I leave it as "calculate on close"?
Thanks,
Ken.

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  #6 (permalink)
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KennyK View Post
How do I get them both in the same panel?
Also do I leave it as "calculate on close"?
Thanks,
Ken.

You can set calculate on close to be either. it just depends on what information you are trying to get. if you want to monitor how today's ATR is doing against the 90 day average, then set COBC to false and you will see today's ATR on realtime.

When you add the indicators to a panel, there is a parameter named "Panel". Make sure they are both set to the same number. Also notice a parameter called "Scale justification". Be sure they are both set to "Right"

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  #7 (permalink)
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KennyK View Post
How do I get them both in the same panel?
Also do I leave it as "calculate on close"?
Thanks,
Ken.

In the Indicators Properties just set Panel to be 2, or whatever you can set any number in the same panel, and CalculateOnClose doesn't matter if it's not a cpu intensive indicator, only difference is that you will see the last value value updating during the current bar and in some cases it looks better..

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  #8 (permalink)
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MWinfrey View Post
Here's another thought. The ATR for a daily chart is imo a bit misleading for day traders because it reports for the full day. Day traders on the other hand actively trade for a session. So, what I do is create a session template for my trading session so I can do my analysis based on that as opposed to the full day. Obviously, swing traders don't have the same issue.

I just made up a session temp and applied it, but it didnt change anything.
Maybe I did something wrong?

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  #9 (permalink)
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KennyK View Post
I just made up a session temp and applied it, but it didnt change anything.
Maybe I did something wrong?

post a screen shot of you session template settings.

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  #10 (permalink)
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I just put the 2 ATR's together in panel 1 and this is what happened.
Do you know how to fix it?
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