I think there is one in my PC but I don’t know how to post it.
Ok, got the ATR indicator up. I use it for visual anyway. In the left corner is says (14) 2.6457
Thats an average of 14 days past, right? Is 14 the average nick uses in his method?
How will I use the above numbers? I’m actually trying to figure targets and stops for pairs.
Well, it seems I spoke too soon.
Right after my chat, which I basically told them their tool was joke, they e-mailed me and nicely told me that I could download the data file form the same page and see the exact numbers.
I must say thier customer support is pretty damn good. I still won’t go thinking my broker is my friend, lol.
If anyone has a link to an ADR custom indicator I would like it though.
14 is the most common setting for an ATR, and it’s the one I use. Nick doesn’t really use ATR or ADR because he doesn’t trade anything besides GBP/JPY, and 95% of the time his standard 50/70 pips works just fine on that pair.
The 2.6457 means that the range is 264 pips. I don’t remember the exact formula but it’s an average that gives a little more weight to recent days, instead of being an actual average.
Basically you can pretty much trust that the next few days will have a range somewhere around the current ATR(14).
Ok, so this is the averages I have for a week. How do I use these numbers? Or do I need more data?
Name Low Average High
Sunday 45.49577108 90.36547382 135.2351766
Monday 256.6992877 378.9038203 501.108353
Tuesday 184.180814 316.1538555 448.1268971
Wednesday 229.1653799 339.5000195 449.8346592
Thursday 198.459748 325.4799414 452.5001348
Friday 218.9137459 315.0800476 411.2463494
That’s just each day’s high, low, and range. You could just get that from looking at your charts. 
You’d have to add them all up and divide it out to get the ADR from that. I’d just go with the ATR.
I might get burned at the stake for saying this but have you ever thought of calculating some stuff manually???
I input the H/C/L of the 7 major pairs every day and derive a whole bunch of data from that on an excel file. It takes about 5minutes and really helps put the numbers in my working memory. You might be surprised how much better in tune with the market you are when you do some hands on work with these numbers.
phoenix i have a real basic daily range indicator for you i think it is exactly what you are looking for. I hope this helps, john
Average Daily Range.zip (1.65 KB)
Furious angel at NickB’s Website talked about ADR and posted the formula for figuring it out
"The range is calculated from an average of the following four values.
Previous 01 Days Range
Average of previous 05 Days Range
Average of previous 10 Days Range
Average of previous 20 Days Range
This makes the value heavily weighted in favour of more recent days."
Sounds pretty tricky to me but I am not good with excel spreadsheets so programming it into there may make it easier
I have no problem with doing it manually. How do you figure it? That is how many daily candles do you use for your average and what equation do you use? And most important in this thread does it fit with the nickb method?
Thanks I’ll give it a whirl.
WHen looking at he 4H charts. How many days back do you recommand? I haven’t gone through all 22 pages of this forum are there other charts posted as examples?
Scalp lines are good for about a month, two months in the case of really, really strong lines.
There are tons of charts and examples posted in this thread.
Thanks, sorry about the lousy image quality, but is the line I marked high a proper scalp line?
So if I’m correct That would be my entry point? Say that was 100.00. I would place a buy at 100.00 with a sell at 100.50 and a stop at 99.500?
Just read through this thread. Thanks to all who have posted. I will be testing this method with you.
Yes, but your entry would actually be about 5 candles back from where you marked it in your picture. That green wick poking over the red line would be the entry.
And I’d also suggest a small 5 pip buffer to help keep you out of any false breaks. So if the line is at 100.00 I’d get in at 100.05 with a 50 pip SL and TP.
Thanks a ton Phil. Sorry for all these questions
So if I see a proper scalp line. I can just set a GTC order at that price? Once I use that line I can’t use it again correct?
Can you use this system to short as well?
Right. Lines are only used once, and shorts work just as well as longs.
I use pending orders for all my entries and almost never vary from the 50 pip SL and TP. I’ve done it that way for 1.5 years and have a 70% win rate. I think GTC orders work just fine!
It seems like it’s almost too simple to be called a trading method, but it really is that easy. 
Sorry one more question in this thread. How would you short? Would you use the low before an upward thread as entry to sell the pair?
Right, instead of buying when it breaks a previous high we’re selling when it breaks a previous low.