ATR Report & Tool

█ OVERVIEW

This indicator reports the historical probabilities of the price trading past its Average True Range (ATR).

█ CONCEPTS

It is common knowledge that the market is not likely to trade past 1x ATR. Is this true? How much unlikely exactly? The indicator reports the data in a table and tells you precisely how often the price made it past x times ATR.

You have identified two plausible entries at different price structures or two targets at significant projections; which one should you choose? While is it possible to reach them, is this indeed probable? The indicator complements your analysis for making sounds trading decisions.

█ FEATURES

Price Selection Tool
The indicator has a price selection tool embedded. You can select a price on the chart and it will show the distance relative to the ATR so you can easily refer to the historical probability table.

Multi-Timeframe
By default, the indicator uses the daily timeframe for analyzing how much price moves compared to its average volatility during a day. To the same extent, you can set it to any other timeframe.

Configurable ATR
• Pick your preferred smoothing between the Simple Moving Average (SMA) or the Relative Moving Average (RMA).
• Set the length for getting the average price movement. For example, you can set it to 20 for the daily ATR (20 trading days in a month), 12 for the weekly ATR (3 months), or 6 for the monthly ATR.
• Select the reference between “previous” or “current” ATR value (default set on previous).

Data Window
The indicator provides additional volatility-related values and reporting data.

Others
Automatically hides the indicator when the chart’s timeframe is higher than the indicator’s one.

█ NOTES

Calculation
The volatility⁣ is calculated from the selected period's low to high. It may use the previous close when the market gaps up/down.

版本注释

v2.0

Extended the statistics for reporting price trading past 3x, 4x, and 5x ATR
Added on the price scale labels for marking ATR "milestones"
Enabled configuring the table text size
Adjusted the selection color for automatically providing optimal contrast
Updated the rounding number logic (resolves error "cannot use `str.tostring(format=format.mintick)` in this context")
Minor improvements