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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.
Can you help answer these questions from other members on NexusFi?
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.
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"
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..