Range Projections Daily Indicator Conversion to PRT
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Hi Nicolas, Can you convert a Ninjatrader 8 indicator please? I attach a picture, the zip file and also the code text. Description:
The Daily Range Projections indicator calculates Average Daily Noise (ADN), Average Daily Range (ADR) and Average Daily Expansion (ADE) bands. The Daily Range Projections is therefore also sometimes called the ADR indicator.
The daily noise is defined as the smaller of (High – Open) and (Open – Low) displaying the average daily noise (ADN). The upper band is calculated by adding the expected noise to the current open, the lower band is calculated by subtracting the expected noise from the current open.
The Daily Range Projections are targets that come into play once the price has broken outside the noise bands. There are two ways of determining the targets:
- The average daily range over N days added to the current low (high projection) or subtracted from the current high (low projection).
- Daily expansion from the open Max(High – Open, Open – Low) averaged over N days and added to and subtracted from the open.
The ADR indicator will also display the opening gap, which may be calculated from the daily close.
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