Modified version of ATR Pips
The indicator's value is a third of the daily range which is good to use as a stop loss value for intra day scalping on markets such as index futures and forex.
It's good for detecting and confirming inflection points in the market.
The indicator's value is a third of the daily range which is good to use as a stop loss value for intra day scalping on markets such as index futures and forex.
It's good for detecting and confirming inflection points in the market.
// // @author LazyBear // // List of my public indicators: http://bit.ly/1LQaPK8 // List of my app-store indicators: http://blog.tradingview.com/?p=970 // study("ATR Pips [LazyBear] FEAR GAUGE", shorttitle="FEAR GAUGE", overlay=false, precision=0) length=input(5, title="ATR Length") mult=input(0.33, title="Percentage Multiplier (for ex., 0.7 = 70%)", step=0.1, minval=0.1, maxval=1.0) sb=input(false, title="Show Enclosing BB") l = input(34, minval=1, title="Enclosing BB Length") m = input(2.0, minval=1, maxval=50, title="Enclosing BB Multiplier") oa=input(false, title="Show actual ATR") p=mult*100 ii=syminfo.pointvalue==0 s=ii?na:oa?atr(length):floor(syminfo.pointvalue * mult * atr(length)) x=ii?(nz(x[1])+0.7)%3.0:na plotshape(ii?x:na, style=shape.cross, color=red, text="Invalid", location=location.absolute, title="ErrorText") basis = sb?sma(s, l):na dev = sb?m * stdev(s, l):na upper = sb ? (basis + dev) : na lower = sb ? (basis - dev) : na plot(upper, color=gray, linewidth=2, title="Upper") plot(lower, color=gray, linewidth=2, title="Lower") plot(basis, color=orange, linewidth=2, title="Middle") plot(ii?na:s, color=red, linewidth=2, title="ATR") ul=hline(120, color=gray) ll=hline(60, color=gray) hline(80, color=gray) hline(100, color=gray) fill(ul,ll, color=blue)