Average Daily Range Fibonacci Levels

4 באוג׳ 2021

The Average Daily Range is a simple concept, calculated as the difference between daily highs and lows averaged over some period. This indicator uses that range in conjunction with Fibonacci ratios to create zones centered on the day's open that tends to act as areas of support and resistance.

The thicker White lines are the ADR levels; all other lines are the same value adjusted by the various Fibonacci values.

A simpler version of this concept can be seen in my other script, Average Daily Range Zones, which does not include the Fibonacci ratio zones.

Thanks to hank Hill for the original idea and TV for the feedback and support on the use of the security() function.
Also thanks to goldencross for the Fibonacci obsession.

7 באוג׳ 2021

הערות שחרור

1. Added a toggle for showing the zone fills only.
2. Added a toggle for price lines for the current day's fib levels.

8 באוג׳ 2021

הערות שחרור

Added the ability to adjust the timeframe used for the average range calculation.

9 באוג׳ 2021

הערות שחרור

Added some more options for visibility settings.

24 באוג׳ 2021

הערות שחרור

Added a "dynamic mode" for fibs outside of the ADR range; when toggled, the script will automatically turn on or off those higher or lower fibs levels based on the high or low of day's proximity to them.

1 בספט׳ 2021

הערות שחרור

Added alerts for price crossing fib levels, and a toggle for hiding historical ADR and fibs (plot only for today).

26 בספט׳ 2021

הערות שחרור

Added toggles for each fib level's line drawing to make the more congested zones between open and ADR a little less busy.

8 באוק׳ 2021

הערות שחרור

Updated to PineScript v5

10 באוק׳ 2021

הערות שחרור

• Added a toggle for disabling plots completely on non-intraday charts.
  
• Added titles to plots for the Style menu.
  

20 באוק׳ 2021

הערות שחרור

• Fixed the lines/fill between days to get rid of unnecessary clutter.
  

24 באוק׳ 2021

הערות שחרור

• Added a "Fibonacci Scale" input option for scaling the size of the Fibonacci zones.
  

27 בדצמ׳ 2021

הערות שחרור

• Added an input option for changing the color of the plot of the opening price.
  
• Added an experimental feature that allows the fib levels to be calculated with Standard Deviation or Variance of price instead of the Average. "Basic" is the standard ADR mode.