Coral ADR will display the ADR High/Low levels on a chart, and optionally send notifications when price crosses above or below a given level. Useful for trading strategies such as the ADR Pullback strategy; when price crosses above/below a level there is an increased likelihood of a pullback. Receiving notifications at these critical prices can ensure you never miss an opportunity to enter on this market condition!
ADR is the Average Daily Range, based on the D1 ATR(10) of the previous day (the period is configurable). ADR High is measured up from the day's Low; and ADR Low is measured down from the day's High. You can also optionally display the ADR value on the chart as a comment, to see the pip value for the current day for this symbol.
Both CoralMAX and MultiMAX have a mode where they can enter trades based on ADR pullbacks. When enabled these EAs will already display the same ADR lines on the chart, so this indicator is not needed. However, if you are trading the ADR Pullback strategy manually, or you want to see the ADR levels on a chart where the EA is not running, this is what Coral ADR is for.
