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Hi, I have searched the web extensively and Sierra Chart support has not been good in helping me thus far. Hopefully someone in Futures.io can assist.
I want to create horizontal daily levels as a percentage of ADR (Avg Daily Range) from the open. Example: Let's say the ES opens at 2400 and the ADR for the last 5 periods is 20 points. I want the ADR to be divided into quarters and then I want to add and subtract them from the open and show them as levels. So in this case I want levels of open = open + 5 (25% of ADR) / open + 10 (50% of ADR) / open + 15 (75% of ADR) and open + 20 (100% of ADR) on my charts (and vice versa to the downside).
I have tried the following in Sierra Chart:
1. Add the 'ADR' study to the daily chart
2. Add the 'study / price overlay' on the 5 min and reference the ADR of the daily chart
3. Add the 'Study Subgraph Multiple' on the 5 min and reference the ADR from the 'Study / Price Overlay'. I start with a multiplier of 0.25 of the ADR
4. Add the 'Study Subgraphs Add' study to the 5 min. Here I reference the Open on the 'Daily OHLC' in 'Input Study 1' and the 'Result' of 'Study Subgraph Multiply' study.
I believe the Study settings should be 'Based On: <Main Price Graph>' and 'Chart Region 1' as I want to see the levels on the price chart.
But the actual output is exactly the same as my Open line. I would expect a line at Open + 5 (i.e. 25% of ADR + Open) in this instance but that's not what I get.
Can someone please help me to understand what I am doing wrong as this is a pain to work out and plot manually every day.
My thoughts are to add/subtract from the LOD and HOD so the values are dynamic.
Just wanted to point out that there is a study now called Daily Range Bands that does this exact thing. Like you've already done, the study needs to be pointed to the ADR study from your daily chart, but then it will draw the upper and lower bands based on a multiplier of that value.
The issue with the daily range band indicator is sometimes it will invert the high and low in the middle of the day. Seems to happen on strong trend days. SC said that it needs a bigger multiplier....but I don't want to map 2x ADR (although I could halve the ADR on daily chart). Anyway, indicator has bugs, just fyi
Just want to say that the ADR file I posted is actually dynamic. The ADR's will move dynamically if the High and Low of the day gets taken out. The downside is that on a trending day (lets assume down day) the +50% / +75%, etc ADR's will move down and eventually get close or even cross the -50% / -75% ADR's. It's not a biggy, it just makes the chart looks messy.