Hi everybody, I'm wondering if anybody knows of a Ninjatrader indicator that measures a market swing? Kind of an ATR but instead of it measuring the average range of individual bars, it displays the size of a market swing?
Recently, in my day trading, the market has shown diminished volatility and I am realizing that the targets I'm setting aren't realistic. It would be helpful to have an indicator that would automatically measure the most recent X market pivots/swings - based on whatever chart I'm looking at - and display it as a number. So for example if today's market has been pivoting worth an average of 3 points / 30 ticks, I will know that 4 points probably isn't realistic.
I hope that makes sense. I tried searching the indicators but didn't come up with anything. Thanks in advance for your suggestions!
You might instead be talking about ADR (average daily range). It can be extrapolated to make a weekly/monthly range as well. I believe that @Fat Tails includes an ADR indicator in his Session Tools package, but am not sure. He can clarify:
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