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I appreciate the quick response. I have the latest TS version and there is an indicator for Average True Range of course but none for Average Daily Range. TradingView has a number of ADR indicators including a great one titled Average Daily Range Zones. This is more what I'm looking for. Thanks.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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Depending how you calculate Range, ADR and ATR may or may not be the same thing.
Typically Range is High minus Low and True Range is Max(High, Previous Close) minus Min(Low, Previous Close). Hence if the market gaps up or down that is captured by True Range and not Range.
As you say Tradestation has the "AvgTrueRange" which calculates the Average of the 'True Range' not just the 'Daily Range'. If you look at the function you will see that it's simply
Hence if you really want the Average of the (non-True) Range all you need to do is
In these cases both TrueRange and Range are themselves Tradestation defined Functions.
