The ATR+ adds the following additional filters to the stock ATR indicator by Tradingview:
- Calculates the overall average ATR for a user defined daterange, optionally filtered by trading session and selected weekdays, presented as a secondary line over the standard ATR line. - Basic ATR line, with colour highlight to indicate the selected sessions, days and timeframe being calculated by the average ATR+ line. - Average ATR+ line indicating the average of all ATRs within the defined timeframe, optionally filtered by instances of a selected trading session and selected weekdays. - Customisable appearance. - The ATR+ also includes the basic ATR configuration options typically found in the standard ATR by Tradingview, including period length and smoothing type. Defaults are set to the factory standards: 14 length, RMA smoothing type.
What Is the Average True Range (ATR)?
The ATR is a technical analysis tool that measures market volatility by decomposing the entire range asset price for that period. Investopedia describes the ATR as follows:
"The average true range (ATR) is a technical analysis indicator, introduced by market technician J. Welles Wilder Jr. in his book New Concepts in Technical Trading Systems, that measures market volatility by decomposing the entire range of an asset price for that period.
The true range indicator is taken as the greatest of the following: current high less the current low; the absolute value of the current high less the previous close; and the absolute value of the current low less the previous close. The ATR is then a moving average, generally using 14 days, of the true ranges."
For more information on the ATR and its calculations and use cases, see here: Investopedia link here. Tradingview link here.
Note The indicator may time out if the number of bars being calculated is too long. If this happens, you will need to reduce the datetime range, or increase the chart timeframe in order to reduce the number of bars being calculated and the indicator will attempt to recalculate.
Notes de version
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- Added an optional colour coded label that can be shown in the panel to present the ATR+ value. Enabled by default. - Updated screenshot
hI @tvenn , can you clarify which colour is the ATR+ line. is it possible to label the lines to distinguihs from the standard Trading View ATR line? Thanks for this
If you look at the bottom of the settings menu, you'll see the colour of the ATR+ line is by default currently, the bright green line. The blue line is the standard ATR line, which if you load another ATR onto your chart you can compare and see they're the same. That blue line gets thicker and a bit bright by default to show the periods which you have selected, based on weekday and optionally session, which are being factored into the green line ATR+ calculation. I don't think* that I can label the line itself, but I maybe able to add a subtle little table into the corner of the panel indicator to show what the values are, and colour code them, to make it clearer. I'll take a look now.
PHVNTOM_TRADER
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@osunwoke2, I've just updated this for you to add an optional colour-coded label that presents the ATR+ value in the panel. I't s enabled by default, but can be turned off in the settings menu. You can also change the colours of each of the lines to your preference in the settings menu, too.
I've updated the chart image to show this feature. You may need to remove then re-add this to your chart in order to get the lastest version.