Average Daily Range Pro Calculator

Table of Contents Disclaimer 2 What is the Average Daily Range? 3 Average Daily Range Pro Calculator Parameters 4 Applying the Indicator to the Chart 5 ADR Pro Calculator Descriptions 10 Display of Daily Targets & Weekly Lines 11 Setting Number of Days to Calculate 13 Corner Placement Adjustment 15 Color Display Adjustment 17 Table Display Adjustment 21 Remove the Daily High & Low Targets 23 Remove the Weekly Lines & Weekly Open 24 Adjust the Length of the Weekly Lines 25 Font Size Adjustment 26 Vertical Spacing Adjustment 29 Weekly Text Shift Adjustment 31 Customer / Technical Support 32 2015 CompassFX. All rights reserved.v.4 1

Disclaimer CompassFX receives a volume based referral fee for its services. Trading Foreign Exchange (Forex) carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all or more of your investment therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients; certain accounts may have worse performance than that indicated. Trading stocks, futures, options and spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss. CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in these instructions, our courses, or website shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money. No representation is being made that any software or training will guarantee profits or not result in losses from trading. 2015 CompassFX. All rights reserved.v.4 2

What is the Average Daily Range? The range between the Daily High and Daily Low calculated over a given period of time. The Average Daily Range for these 2 days is equal to 87 pips. (86 + 88 = 174/2 = 87) 2015 CompassFX. All rights reserved.v.4 3

Applying the Indicator to a Chart To apply the ADR Pro Calculator, follow these steps: 1. Open the MetaTrader 4.0 (MT4) platform. 2. Open a new chart. 3. Locate the Custom Indicators folder in the Navigator window. 4. Double click on the ADR_Calculator_ indicator. 5. The Custom Indicator - ADR Calculator window will appear. 6. Use the side scrollbar to scroll through the options within the ADR Calculator. 2015 CompassFX. All rights reserved.v.4 5

Applying the Indicator to a Chart 7. Select and modify the following options: a. Calculation setting Number of days to calculate the Average Daily Range. b. Corner setting Corner placement of ADR Table Display. 2015 CompassFX. All rights reserved.v.4 6

Applying the Indicator to a Chart c. Color Settings ADR Table display, Daily High, Daily Low, Weekly Open, Weekly High, Weekly Low, Weekly Mid-High, and Weekly Mid-Low. d. Display settings Show Daily ADR High/Low, Weekly ADR Levels, and Mini Table display. 2015 CompassFX. All rights reserved.v.4 7

Applying the Indicator to a Chart e. Font settings Font size, Vertical Spacing, and Weekly Text Shift 8. After selecting and modifying the available options, click OK. 9. The ADR Pro Calculator will automatically display on the chart. 2015 CompassFX. All rights reserved.v.4 8

Applying the Indicator to a Chart NOTE: To save time applying the ADR Pro Calculator to a chart, save this new chart (with the preferred options applied) as a new Template. When the new chart is setup, right click on the chart. Select Template. Select Save Template Then, save the new template with a name of choice. 2015 CompassFX. All rights reserved.v.4 9

ADR Pro Calculator Descriptions 1. Title 2. Name of registered Person 3. Average Daily Range (ADR) Number of Days calculated (Time Period) a. Selectable Number of Days b. Yesterday c. Weekly d. Monthly e. 180 Days 4. Average Daily Range Pip Range (based on each Time Period) 5. Today s High & Today s Low 6. Pip Range between Today s High & Today s Low 7. ADR Daily High Target & ADR Daily Low Target 8. Pip Range between ADR High and ADR Low 2015 CompassFX. All rights reserved.v.4 10

Display of Daily Targets & Weekly Lines When applied to a MetaTrader 4.0 chart, the ADR Pro Calculator will show: 1. Weekly ADR Lines a. Weekly High, Mid-High, Open, Mid-Low, and Low b. Weekly High Extensions (1, 2, 3 Green dash lines) c. Weekly Low Extensions (1, 2, 3 Red dash lines) 2. Daily ADR High Target 3. Daily ADR Low Target 4. ADR Table (Standard or Mini Size) 2015 CompassFX. All rights reserved.v.4 11

Setting Number of Days to Calculate The ADR Pro Calculator defaults to a 5-day Average Daily Range calculation. Depending on trade style, users have the option to select the number of days to calculate the Average Daily Range. These are suggested settings based on trade style: Scalper / Aggressive Active Trader 2 to 5 days Conservative Active Trader 3 to 5 days Swing Trader 5 to 10 days Position Trader 7 to 20 days We recommend that you attempt various settings to determine the proper setting for your trade style and objectives. Also, consider market dynamics. If the market spikes a day beyond its normal range, this will influence the calculation. For example, if a setting of 5 days is used and four days ago the market spiked 100 pips beyond its normal range, the current calculation will be affected by the spike. It may be best to use a 2 or 3 day setting. 2015 CompassFX. All rights reserved.v.4 13

Setting Number of Days to Calculate To change to the number of days to calculate, locate Day_x and click on the value 5 in the Custom Indicator window. Enter the number of days to be calculated. Click OK to apply the new number of days. 2015 CompassFX. All rights reserved.v.4 14

Corner Placement Adjustment The ADR Pro Calculator provides users the flexibility to move the Table Display to one of four corners within the price chart of MetaTrader 4.0. The default corner placement is in the Upper Right corner. 2015 CompassFX. All rights reserved.v.4 15

Corner Placement Adjustment option To change to the Corner Placement, locate Corner and click on the value 1 in the Custom Indicator window. Enter one of the following: a. 0 set Table Display in the Upper Left b. 1 set Table Display in the Upper Right c. 2 set Table Display in the Lower Left. d. 3 set Table Display in the Lower Right Left Click OK to apply the new Corner placement. 2015 CompassFX. All rights reserved.v.4 16

Color Display Adjustment DimGray is the default display color of the ADR Table. It works on Black, White, and Gray backgrounds. To change the color of the display from the default setting, locate ADR_Color and click on the value DimGray in the Custom Indicator window. A color palette will automatically appear. 2015 CompassFX. All rights reserved.v.4 18

Color Display Adjustment Lime Green is the default display color of the ADR Daily High Level. Magenta is the default display color of the ADR Daily Low Level. To change the color of the Daily High Level or the Daily Low Level, follow the steps shown above except click on either LimeGreen or Magenta to change the appropriate setting. Follow the same steps above to change the Weekly colors. 2015 CompassFX. All rights reserved.v.4 20

Table Display Adjustment The Standard Table display is 10-line display listing all the parameters monitored. The Mini Table display is a 5-line display listing: 1. ADR Time Period 2. ADR Pip Range for the Time Period 3. Daily ADR High Target 4. Daily ADR Low Target 2015 CompassFX. All rights reserved.v.4 21

Table Display Adjustment The ADR Pro Calculator defaults to the Standard Table display. To change to the Mini Table display, locate Show_Mini_ADR and click on the value No in the Custom Indicator window. Enter Yes or yes. Click OK to apply the Mini Table display. 2015 CompassFX. All rights reserved.v.4 22

Remove the Daily High & Low Targets The ADR Pro Calculator defaults to displaying the Daily High Target and Daily Low Target. To remove the Daily High and Low Targets, locate Show_Daily_High_Low_Lines and double click on Yes. Enter No or no. Click OK to apply the change. 2015 CompassFX. All rights reserved.v.4 23

Remove the Weekly Lines & Weekly Open The ADR Pro Calculator defaults to displaying the Weekly Open, Weekly High, Weekly Mid-High, Weekly Mid-Low and Weekly Low lines. It also includes 3 extension lines above the Weekly High and 3 extension lines below the Weekly Low. To remove the Weekly Lines, locate Show_Weekly_Lines and double click on Yes. Enter No or no. Click OK to apply the change. NOTE: To remove only the Weekly Open line, set Show_Weekly_Open to No. 2015 CompassFX. All rights reserved.v.4 24

Adjust the Length of the Weekly Lines The ADR Weekly Lines are set to a default of 100 bars of history. To change the bars of history to another value, locate Weekly_Line_Length and double click on Yes. Enter No or no. Click OK to apply the change. 2015 CompassFX. All rights reserved.v.4 25

Font Size Adjustment The ADR Pro Calculator uses the default size 8 Tahoma font built within MetaTrader 4.0 platform. The Font Size Adjustment became a primary option because of the various types of monitors and display resolution settings. The available font sizes range from 6 to 14. Here is a sample of the font sizes: 6, 7, 8, 9, 10, 11, 12, 13, 14 2015 CompassFX. All rights reserved.v.4 26

Font Size Adjustment To change to the font size, locate Font_Size and click on the value 8 in the Custom Indicator window. Enter the preferred font size. Click OK to apply the new font size. 2015 CompassFX. All rights reserved.v.4 28

Vertical Spacing Adjustment Users with a widescreen monitor often have to contend with compressed lines of text. This occurrence is often referred to as lines squeezed together. The ADR Pro Calculator has a unique feature to eliminate this issue: Vertical Spacing Adjustment. If the lines of text are compressed, locate the Vertical_Spacing_Adjustment and click on the value 0 in the Custom Indicator window. Enter the number 1, 2, 3 or higher. Click OK to apply the new vertical spacing. 2015 CompassFX. All rights reserved.v.4 29

Vertical Spacing Adjustment Vertical spacing examples* of Mini Table display: 0 setting 1 setting 2 setting *Results may vary depending on monitor and display resolution. 2015 CompassFX. All rights reserved.v.4 30

Weekly Text Shift Adjustment The Weekly Text Shift function allows the user the shift the weekly text labels left or right. The default setting is set to 8 which is eight bars to the right of the last price bar. To shift the weekly labels to the right of the last price bar, use a higher number. The Chart Shift function must be turned on to view the weekly labels in the far right margin. To shift the weekly labels to the right of the last price bar, use a lower number. Negative numbers, such as -10, can be used to shift the weekly labels to the left of the last price bar. After entering a number, click OK to apply the new weekly text shift. 2015 CompassFX. All rights reserved.v.4 31

Customer & Technical Support For additional information and training videos, go to this website: http://www.compassfx.com/adr For technical support, send an email to CompassFX Customer Support: support@compassfx.com Compass FX 2083 N. Collins Blvd., Suite 200 Richardson, TX 75080 Phone 800.577.3600 972.680.8080 972.680.3355 ( Fax ) 2015 CompassFX. All rights reserved.v.4 32