This indicator is used to gauge the current price movement of the instrument relative to its Daily ATR and Daily ADR%. The indicator has 4 parameters on its panel. ADR% - This shows the average daily price range for the past given period. ATR - This shows the average true range of the past given period. Atr covered - Expressed in %, this shows how much of the ATR, the price has covered today. Adr covered - Expressed in %, this shows how much of the ADR%, the price has covered today.
This indicator can be used to gauge how far the intraday price has moved from its ADR% and ATR and hence decide whether the stock is extended or not.
Note: The Indicator only shows values based on Daily timeframe. -ve value of Atr covered is relative to the price direction of the instrument in comparison to yesterday.
The covered numbers aren't accurate in the slightest..
Trader685
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Hi - possible you can make this script public - would really like to change the positioning and formt to make it compact so can fit it easily on to all my charts