ATR/ADR covered

This indicator is used to gauge the current price movement of the instrument relative to its Daily ATR and Daily ADR%.
The indicator has 4 parameters on its panel.
ADR% - This shows the average daily price range for the past given period.
ATR - This shows the average true range of the past given period.
Atr covered - Expressed in %, this shows how much of the ATR, the price has covered today.
Adr covered - Expressed in %, this shows how much of the ADR%, the price has covered today.

This indicator can be used to gauge how far the intraday price has moved from its ADR% and ATR and hence decide whether the stock is extended or not.

Note: The Indicator only shows values based on Daily timeframe.
-ve value of Atr covered is relative to the price direction of the instrument in comparison to yesterday.