Here is an attempt to segregate ATR into ATR of up days and down days.
While setting trailing stops based on ATR, you probably need to consider more on how an instrument can drop during red days. Hence, ATR of only red days makes more compelling case than overall ATR. Another use case for this kind of indicator may be in options if you are selling puts and calls with the intent of pocketing premiums on expiry.
Parameters are as explained below:
Range Type : Different range types are tr (True Range) , close (difference between close prices), highlow (difference between high and low of candle)
Period : ATR Period
Moving Average Type : Moving Average Type for calculating ATR. Two additional types - min and max are added which calculates lowest and highest range in last n bars
HideFullAtr : Hides combined ATR if checked.
Notes de version
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Removed min/max options as they are not working on na values
Added ATR multiplier and candle coloring to notify out of range candles
Another use case for this kind of indicator may be in options if you are selling puts and calls with the intent of pocketing premiums on expiry. >> HOw can we use it ??
Trendoscope
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@iqtedar.alisundhu, If you are selling options, you can use this to calculate optimal strikes on both sides.