Average Daily Range Zones

The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This range is is overlaid and centered on the day's open, and tends to act as areas of support and resistance . This indicator provides two aggregation periods, creating a range that represents volatility in the ADR; a wider spread indicates greater recent volatility , and vice-versa.

Thanks to @Hank Hill for the original idea and ToS script this is based on, and TV for the feedback and support on the use of the security() function.

Note di rilascio:

Added a toggle to display the ADR on today's session only.

Note di rilascio:

Added toggleable standard deviation levels.

Note di rilascio:

Fixed a type in the settings menu.

Note di rilascio:

• Cleaned up some inputs, improved visibility of base ADR levels, and added more customization for visibility.
  
• Added a Custom Timeframe option (changes the "Daily" part of "Average Daily Range").
  

Also, if you like this indicator, check out some of my other work!

Note di rilascio:

Added a toggleable Day Open plot with fill between open and upper/lower ADR.

Note di rilascio:

• Updated to PineScript v5
  
• Added a toggle for the fill between the day open and first ADR.
  

Note di rilascio:

• Added a toggle to disable all plots on non-intraday timeframes.
  
• Added color customization options in Inputs.
  

Note di rilascio:

• Added a "dynamic" mode toggle that hides the standard deviations zones until price crosses the previous ADR level. Defaults to "ON".
  

Note di rilascio:

• Added two more standard deviation levels to account for recently wide swings in all major indices.
  
• The first ADR (21 by default) now always draws thicker white lines on each zone.
  

Note di rilascio:

• Updated toggles to allow dynamic mode to ignore deselected standard deviations.
  

Note di rilascio:

• Added Variance as an alternative to Standard Deviation when drawing extra zones.