OPEN-SOURCE SCRIPT
WAHIDAL ATR
This TradingView script calculates the Average True Range (ATR) and uses it to determine a stop percentage based on a user-defined multiplier. The ATR is a popular volatility indicator that measures the degree of price movement over a given period, providing insight into market volatility.
Key Features:
ATR Calculation:
The script calculates the Average True Range over a specified period (default is 14 days).
It calculates the ATR as a percentage of the opening price, offering a normalized measure of volatility.
Stop Percentage:
The script then multiplies the ATR percentage by a user-defined multiplier to compute a stop percentage. This is useful for setting dynamic stop-loss levels based on market volatility.
Customizable Inputs:
Users can customize the ATR period length and the multiplier to tailor the indicator to their specific trading strategy.
Visual Outputs:
The ATR percentage is plotted in orange, while the stop percentage is plotted in red, providing a clear visual representation of both metrics on the chart.
This indicator is useful for traders looking to assess market volatility and establish stop-loss levels that adapt to changing market conditions.
Key Features:
ATR Calculation:
The script calculates the Average True Range over a specified period (default is 14 days).
It calculates the ATR as a percentage of the opening price, offering a normalized measure of volatility.
Stop Percentage:
The script then multiplies the ATR percentage by a user-defined multiplier to compute a stop percentage. This is useful for setting dynamic stop-loss levels based on market volatility.
Customizable Inputs:
Users can customize the ATR period length and the multiplier to tailor the indicator to their specific trading strategy.
Visual Outputs:
The ATR percentage is plotted in orange, while the stop percentage is plotted in red, providing a clear visual representation of both metrics on the chart.
This indicator is useful for traders looking to assess market volatility and establish stop-loss levels that adapt to changing market conditions.
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Feragatname
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