ADR Alert Dashboard MT5

Overview of ADR Alert Dashboard MT5

• The ADR Alert Dashboard provides a snapshot of where the price is trading compared to its Average Daily Range (ADR).
• It sends instant alerts through pop-up, email, or push notifications when the price exceeds configurable range levels.
• This tool is designed for effortless monitoring, as it sits quietly on a blank chart, notifying traders when important levels are hit. 🚀

Key Features

• Real-time Alerts: Get notified when price levels exceed your preset ADR limits.
• Multi-Range Viewing: In addition to daily ranges, it now also shows average weekly and monthly ranges.
• Historical Data Insights: Utilizes over 20 years of market data to determine the probability of price movements beyond specified ADR levels.

Probabilities and Strategy

• Statistically, price trades within its normal ADR roughly 60% of the time.
• Only 3% of the time does price push beyond 200% of its ADR, indicating a high probability for reversals at these levels.
• Traders can focus on significant levels: 100% (42% chance of exceeding), 125% (23%), 150% (12%), and 200% (3%) of the ADR.

Dashboard Settings

• Customize the ADR number monitored (default is ADR10).
• Choose your desired alerts: pop-up, email, or push notifications.
• Adjust visual settings including color preferences and text for alerts.

Entry Strategy Ideas

• Wait for alerts at crucial ADR levels and consider using price action patterns like engulfing candles or hammers to confirm entries.
• The best timeframes for trading are usually M5 or M15, targeting significant support and resistance levels as price approaches these key areas. 🪙
• Grid Trading: Enter small positions at defined ADR levels and build on them as price moves, optimizing profit on pullbacks.

Final Thoughts

• Price action and structural breaks should be prioritized when trading based on ADR alerts.
• Be cautious of major news events that can drastically influence price behavior and reduce the likelihood of typical reversals.
• The ADR Alert Dashboard is a powerful companion for traders looking to maximize their trade timing and effectiveness. 📈