ATR Report & Tool

2022年3月29日

█ 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.

2023年4月12日

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