AvgDailyRange for Expected Intraday Move – Targets

Hi. Again thanks a lot for your support. I believe this Study can help a lot of traders to set realistic expectations for Intraday movement.

I got a Study that calculates ADR (AvgDailyRange) from past (x) days and then plots a line (I made it a band) from the OPEN. This band remains fixed all day. It’s an initial estimate of the potential move of the stock based on avg range. Attached ADR.jpg. Great to define reasonable intraday targets.

The BEST use though is to consider the Low of Day and High of Day at each bar, instead of off the Open. If I replace “Open” with “Low” or “High” the plots adjust accordingly BUT they plot the same horizontal line adjusting to last value.

First Question: ¿Is there a way to get the bands plot each bar (vs a horizontal band updating based on last/new values)?. Attached ADR Example NT.jpg, as I used to have this on Ninja Trader many years ago.

So bands would be dynamic each bar :  Target_ADR_High =Low[0] + ADR // Target_ADR_Low = High[0] – ADR

The second request is more simple, even if the first one is not feasible. Study had an Input: “Show Only Last Period: yes”, to avoid plotting on previous days, but it’s missing the rest of the code. And I can’t get around it to use an IF THEN statement to filter this.

Below the code, which I tried to show as neat as possible as per your suggestions before. Hope you can teach us how to solve this. THANKS !!!

input aggregationPeriod = AggregationPeriod.DAY;
input ADRLength = 14;
input showOnlyLastPeriod = yes;
input OnlyShowStartTime = 930;
input OnlyShowEndTime = 1600;

# Defines de period in which the study will plot to avoid showing during extended session
def ShowPeriod = SecondsFromTime(OnlyShowStartTime) >= 0 and SecondsTillTime(OnlyShowEndTime) > 0;

# (1) Define Current Day’s Range, (2) AverageDailyRange for 14 days, (3) Actual % Range for the dayRange (1 / 2)
def dayRange = (high(period = AggregationPeriod.DAY)[0] – low(period = AggregationPeriod.DAY)[0]);
def ADR           = round((Average((high(period = AggregationPeriod.DAY)[1] – low(period = AggregationPeriod.DAY)    [1]), ADRLength)),1);
def pctADR      = round((dayRange/ADR)*100,0);

#Plots Value CALCULATED from the OPEN as a FIXED Level throughout the day
plot Target_ADR_High = if ShowPeriod then round((open(period=”day”) + ADR),1) else double.nan ;
plot Target_ADR_Low = if ShowPeriod then round((open(period=”day”) – ADR),1)else double.nan ;

#Format the level as a “BAND” with a 0,1% size
AddCloud(Target_ADR_High, Target_ADR_High*0.999, Color.VIOLET );
AddCloud(Target_ADR_Low, Target_ADR_Low*0.999, Color.VIOLET );

Target_ADR_High.SetDefaultColor(Color.GREEN);
Target_ADR_Low.SetDefaultColor(Color.GREEN);

#Plots Labels on Chart with Color Coding
AddLabel(yes, “ADR ” + ADR, COLOR.violet);
AddLabel(yes, ” TODAY ” + dayRange, if pctADR < 80 then color.GRAY else if pctADR > 100 then color.dark_green else color.LIGHT_GREEN);
AddLabel(yes, ” %TODAY ” + pctADR, if pctADR < 80 then color.GRAY else if pctADR > 100 then color.dark_green else color.LIGHT_GREEN);
AddLabel(yes, ” HIGH= ” + Target_ADR_High , COLOR.violet);
AddLabel(yes, ” LOW=” + Target_ADR_Low, COLOR.violet);