DataDoodles ATR Range

29 Ağu

The "DataDoodles ATR Range" indicator provides a comprehensive visual representation of the Average True Range (ATR) levels based on the previous bar's close price. It includes both the raw ATR and an Exponential Moving Average (EMA) of the ATR to offer a smoother view of the range volatility. This indicator is ideal for traders who want to quickly assess potential price movements relative to recent volatility.

Key Features:

ATR Levels Above and Below Close: The indicator calculates and displays three levels of ATR-based ranges above and below the previous close price. These levels are visualized on the chart using distinct colors:

- 1ATR Above/Below
- 2ATR Above/Below
- 3ATR Above/Below

EMA of ATR
Includes the EMA of ATR to provide a smoother trend of the ATR values, helping traders identify long-term volatility trends.

Color-Coded Ranges: The plotted ranges are color-coded for easy identification, with warm gradient tones applied to the corresponding data table for quick reference.

Customizable Table: A data table is displayed at the bottom right corner of the chart, providing real-time values for ATR, EMA ATR, and the various ATR ranges.

Usage
This indicator is useful for traders who rely on volatility analysis to set stop losses, take profit levels, or simply understand the current market conditions. By visualizing ATR ranges directly on the chart, traders can better anticipate potential price movements and adjust their strategies accordingly.

Customization

ATR Length: The default ATR length is set to 14 but can be customized to fit your trading strategy.

Table Positioning: The data table is placed in the bottom right corner by default but can be moved as needed.

How to Use

Add the "DataDoodles ATR Range" indicator to your chart.
Observe the plotted lines for potential support and resistance levels based on recent volatility.
Use the data table for quick reference to ATR values and range levels.

Disclaimer: This indicator is a tool for analysis and should be used in conjunction with other indicators and analysis methods. Always practice proper risk management and consider market conditions before making trading decisions.

29 Ağu

Sürüm Notları

Fix color

// Warm tone gradient colors
warmTone1 = color.new(color.blue, 90)
warmTone2 = color.new(color.green, 80)
warmTone3 = color.new(color.blue, 70)
warmTone4 = color.new(color.yellow, 80)
warmTone5 = color.new(color.red, 80)

you can change transparent color as you like

29 Ağu

Sürüm Notları

- Add new color
- ATR bands by default

3 Eki

Sürüm Notları

Update 10/3/2024

- Add input color