INDICATOR · BEGINNER GUIDE
DAILY RANGE METER
Shows how much of a normal day’s move is already done, and where the day usually runs out of room.
◆ADR of the last 14 days◆Fuel-gauge meter◆ADR high / low lines◆Alerts at 80% and 100%
WHAT YOU SEE · GOLD 15m · 29 OCT
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1Today’s range: the shaded box, from today’s low to today’s high so far. It grows as the day goes on.
2ADR high: red dashed line = today’s low + a normal day’s range. Price often struggles above it.
3ADR low: green dashed line = today’s high − a normal day’s range.
4Day open: the dotted line where today started. Above it = an up day so far.
5Room left: each label says how far price is from that line (in pips on forex).
6New day: the box and lines start again at the broker’s midnight.
Use it in 5 steps
- Switch it onOpen Charts → Basic Indicators (ƒx) → tick Daily Range Meter (ADR). Use it on 1m to 4H charts.
- Read the meterUnder 50%: most of the day may be ahead. Over 80%: most of a normal day is done.
- Aim inside the linesKeep take-profits inside the ADR lines. A target past them needs a bigger day than normal.
- Don’t chase lateWhen it says Nearly done or Beyond a normal day, avoid new trades in the same direction.
- Check the moodLast 5 days busier than normal? Expect bigger days. Quieter? Expect smaller ones.
Gold today
Gold 15m, 29 Oct, 16:00 UTC. Gold had moved $53 of a normal $66 day (81%). The ADR low was only about $18 below price, so a sell aiming for $40 more needed a much bigger day than usual.
The dashboard
- The big % and the meter: green under 50%, amber to 80%, orange to 100%, red beyond a normal day.
- Range so far against Normal day (ADR 14): today’s move against the 14-day average.
- Room to ADR high / low: how far price can go before the day is bigger than normal.
- Last 5 days says if the market is busier or quieter than usual.
- Days reaching a full ADR: on gold about 1 day in 3, so a full day is never guaranteed.
Golden rules
- The ADR is an average, not a wall. News days can run far past it.
- Late in the day, aim smaller. Most of the move may already be gone.
- Always use a stop loss and risk 1% of your account or less per trade.
- Practise first with the Replay button: trade old candles for free.
🔔 Get told when it fires: click Alerts, choose Daily Range Meter (ADR) and tick “80% of a normal day used” or “Full daily range reached”.
For educational purposes only. The results in this guide come from testing on past prices. Past performance does not guarantee future results, and real spreads, slippage and delays can make results worse. Nothing here is financial advice, and trading carries a high risk of losing money. Read the risk warning.