Looking to trade ADR reversals
Hello,
Idea: Price generally stays within a set distance of ADR, but sometimes it moves more than the daily ADR but also pulls back afterwards. I am looking to trade these reversals.
I would like to set up a set file that trades that.
We already have a volatility filter but that doesn't include ADR, so perhaps a custom indicator is the way to go. Which one and how to set it up so that trades are taken when price moves past the ADR number are the next steps.
If someone can help me set this up, I can do a tick level backtesting on my pc for a number of pairs.
ADR Average daily Range Indicator | Page 10 | Forex Factory
When to Trade - Trading Systems - 2 March 2015 - Traders' Blogs
Thanks in advance.
Asad
MT version:
Set for MT5 only
EA version:
Latest
Symbol:
GBPUSD
TimeFrame:
M5