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ADR Indicator
The ADR indicator for MT5 shows the expected market range which acts as SUPPORT and RESISTANCE. The best forex trading strategy for breakouts and reversals.
The ADR indicator for MT5 displays the ADR range and the current day’s market range. Thus, ADR shows the expected market range during the day. Moreover, a change in trading volume and momentum near the upper or lower level of the ADR indicates the beginning of a trend or a reversal. Average Daily Range values form the basis of many other forex technical indicators and are part of many automated trading strategies.
The indicator is best suited for beginners and experienced forex traders. New traders can identify ADR levels as support and resistance and watch the price move around those levels. However, experienced traders can include the indicator in other trading systems. In addition, the indicator is free to download and easy to install.
ADR Indicator For MT5 Trading Setup
The AUDCAD H1 chart above shows the indicator for MT5 in action. The indicator displays the ADR values and the current day’s range in the upper left corner of the chart. In addition, the indicator displays the upper and lower range of the average daily range as a dotted line that continues until the current trading day.
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