1- Close out any open position
2- Cancel any unexecuted orders
3.-Don't trade if ADR is below 100
IF ADR is above 100,
4- Set an Entry Buy order 1 point above previous Day high
5- Set an Entry Sell order 1 point below previous Day low
Exit the position after 30 bars of 5min each with stop loss at the low of previous 15 bars of 5 mins from the point of entry. in case ADR is between 100 and 175..
Exit the position after 40 bars of 5min each with stop loss at the low of previous 20 bars of 5 mins from the point of entry. in case ADR is between 175 and 199
Exit the position after 50 bars of 5min each with stop loss at the low of previous 25 bars of 5 mins from the point of entry. in case ADR is above 200.
How to calculate ADR (Average Daily Range)
It may be easiest to use an excel spread sheet for this.
Take the H/L for each day. for the past 14 days.
For each day list the amount of points's between the H and L
Ex. H=1.5623 L=1.5586
5623-5586 = 137
Add the total amount of point's for all 14 days and divide it by 14.
This will give you the average daily range
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