ATR levels can be used on a trading day to look for overextensions beyond the average, where you can look to take profits. Remaining ATR is calculated as the current day range subtracted by the previous day ATR. RATR is then plotted away from the high & low lines. All lines (except for the day open) are dynamic, so RATR lines will move according to how much RATR remains.
Note: This indicator only works on intraday timeframes
(FEATURES) - Works on either RTH or ETH sessions - Select Day ATR period, & 3 multipliers that will be applied to RATR values away from respective intraday high & low - Extend current lines to the right - Show recent lines only - Change line style, colours within & out the intraday range, & thickness - Change label offset, size, & colours within & out the intraday range - Hide RATR lines & labels when within intraday range - Plot fill between lines (note: RATR plot fills are from their lines to the intraday high & low, so there'll be overlapping)
To show more lines in the past, go to higher intraday timeframes.
Same chart & timeframe as above but on RTH session only.
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- Added intraday range label that tracks the current candle with forms to choose from: multiplier, percent or price - Improved plot fills, especially when RATR lines are hidden by the user - Cleaned up labels, & for future updates (see below)
A future update is planned to solve some issues. These issues are: - When running indicator from start of new day, ATR values aren't correct (but simply loading up the indicator or replaying mid-day shows correct lines) - this makes this indicator unreliable for now. - I've included some code (disabled at the moment) to hide moving RATR lines when RATR < 0. Reason for disabled feature is that it works correctly when indicator ran from start of new day, but simply loading up the indicator or replaying mid-day will not work.
The next update should hopefully solve all of these issues.
Any help is appreciated.
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- For OHL data, used intraday data instead of daily data as 1) OHLC from daily & intraday are inconsistent, & 2) indicator is applied on intraday only, so intraday data is more appropriate to use. - By fixing data usage, also fixed all issues.
(NEW FEATURES) - Hide moving RATR lines when RATR < 0 (see below for example). On the left is the old version, on the right is the new version. Left window shows many RATR lines within the intraday range after RATR < 0 due to calculation & placement of RATR lines, which makes it messy. Right window shows new logic to solve this issue, & keeping relevant RATR lines for looking back in history.
THIS INDICATOR IS GOOD TO GO
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- Fixed Open label - Fixed issue which prevented indicator from running on RTH only
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- Fixed labels so that they don't move when zooming in or out - Used format.mintick for appropriate labels so that indicator works on all tickers of varying minimum tick values
hi I like your idea. where we can find more detail on this any book or blog. can we add the poc vah and val line for previous day and vwap line
vnhilton
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@charlie2598, I've seen numerous traders use ATR levels as forms of overextensions to look to take profit, as ATR measures market volatility. An ATR of 1x would be the norm, any lower & that day traded a smaller range, any higher a wider range.
The previous day POC, VAH, VAL , DVWAP wouldn't be appropriate for this indicator, so would be a separate indicator that I can create (have not looked into creating my own VP to get POC, VAH, VAL, & is probably very complex). However, I think I've seen existing public indicators with what you're asking for, not 100% sure.
where we can find more detail on this any book or blog.
can we add the poc vah and val line for previous day and vwap line