This is a very simple script which puts current price action magnituted into a larger context.
Red is true range of the current candle.
Blue is Average True Range x1, x2, x3
The idea is to use this to filter out too weak price action signals by taking only above average ones.
版本注释
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Added an option to set up an alert when a certain threshold is crossed in selected direction. It will fire a custom message and after setting it up, it will always show an arrow on your chart to remind you of that direction.
can you provide a labelled chart / diagram on how to use exactly please? many thanks in advance!
OrcChieftain
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@decentMeerkat007, You can use it to filter out price action that seems to be too weak to open any position. Provided that I want to open a long position from the weekly high, I would prefer to see a candle highlighted in the yellow. Anything before that is too small to consider.
But how you use it is up to you. The interpretation up to each individual and it highly depends on your trading approach.