problem with calculating average daily range

[ericadam]

The code below:

// Calculate the range of the average daily range over the past day.
AverageDailyRange.Set(CurrentDayOHL().CurrentHigh[0] - CurrentDayOHL().CurrentLow[0]);

// Print the current SMA 7 period Average Daily Range .
DrawTextFixed("AverageDailyRange1", "Average Daily Range: " + Instrument.MasterInstrument.Round2TickSize(SMA(AverageDailyRange, 7)[0]), TextPosition.TopLeft, Color.Black, new Font("Arial", 8), Color.Transparent, Color.Transparent, 1);

---

Is there a different way just to calculate the average daily range from the days high to the days low for the past 7 days (market hours only)? I seemed to be getting skewed numbers when I check it out against manually calculated figures over the daily high to daily low on my charts over the past 7 days. I am using tick charts if that helps... I need it to be dynamic so that it is not spitting out a fixed number each session, it needs to change as the market moves taking in the current days high and low as well (when they are made)..

[NinjaTrader_JoshP]

Hi ericadam,

The reason your code is skewed is because you are referencing a period of 7 for your Average Daily Range. Unfortunately that period of 7 is not 7 days it just 7 bars. In your case, 7 tick bars.

To get what you want you need to run calculations via PriorDayOHLC() and get the range of the 6 prior days. Then use CurrentDayOHL() to get the current day's range. When you are using PriorDayOHLC() you need to go many many bars back in your [] index to check for those. You will want to use GetBar() to figure out what index to use for each of the 7 days. Hope that help.

[ericadam]

So there is no 'easy' way to reference the average of calculating the day high - day low over the past 7 days, and then having that number print? I came from another charting package where you just put in (DailyRange, 7) for a 7 days daily range average.. could the logic be that simple?

[NinjaTrader_JoshP]

It will be that simple in NT7 when we introduce multi-time framed indicators, but for now you will need to proceed with something along the lines of what I suggested in my previous post.

[ericadam]

Ah okay. phew.. when is NT 7 slated for release?

[NinjaTrader_JoshP]

NinjaTrader 7 is slotted for the first half of 2009.

[BertW]

7 day average daily range w/ minute charts

any way of programming this in the stratgey wizard?
Thks Bert

[NinjaTrader_Ray]

Unfortunately not.

[Ninja B]

I'm also looking for this indicator. To use for profit target and stop loss.

[NinjaTrader_Bertrand]

You can always contact a NinjaScript consultant to get this custom coded professionally - http://www.ninjatrader.com/webnew/pa...injaScript.htm

[BertW]

I'm also looking for this indicator. To use for profit target and stop loss.

I found a solution. Go to help, search "Custom indicator Development", clk "display", clk "Custom Indicator Development" (in blue in the right side big box), clk on level 2 & follow instructions substituting range for volume in the wizard. If I can do it you can. On the chart properties window of the chart using SMA of Range I activate the "exclude weekends" option. Weekend range is really low & skews the results. For daily range I use this on a 405 minute chart. A Zen-fire work around since they don't supply daily data.
Cheers, Bert