[CT] ATR Chart Levels From Open

[CT] ATR Chart Levels From Open is a volatility mapping tool that projects ATR based price levels directly from a user defined center price, most commonly the current session open, and displays them as clean horizontal levels across your chart. The script pulls an Average True Range from a higher timeframe, by default the daily, using a user selectable moving average type such as SMA, EMA, WMA, RMA or VWMA. That ATR value is then used as the unit of measure for all projected levels. You can choose the ATR length and timeframe so the bands can represent anything from a fast intraday volatility regime to a smoother multi week average range.

The core of the tool is the center line, which is treated as zero ATR. By default this center is the current session open, but you can instead anchor it to the previous close, previous open, previous high or low, or several blended prices such as HLC3, HL2, HLCC4 and OHLC4, including options that use the minimum or maximum of the previous close and current open. From this center, the indicator builds a symmetric grid of ATR based levels above and below the zero line. The grid size input controls the spacing in ATR units, for example a value of 0.25 produces levels at plus or minus 25, 50, 75, 100 percent of ATR and so on, while the number of grids each side determines how far out the bands extend. You can restrict levels to only the upper side, only the lower side, or draw both, which is useful when you want to focus on upside targets or downside expansion separately.

The levels themselves are drawn as horizontal lines on the main price chart, with configurable line style and width. Color handling is flexible. You can assign separate colors to the upper and lower levels, keep the center line in a neutral color, and choose how the colors are applied. The “Cool Towards Center” and “Cool Towards Outermost” modes apply smooth gradients that either intensify toward the middle or toward the outer bands, giving an immediate visual sense of how extended price is relative to its average range. Alternatively, the “Candle’s Close” mode dynamically colors levels based on whether the current close is above or below a given band, which can help highlight zones that are acting as resistance or support in real time.

Each level is optionally labeled at its right endpoint so you always know exactly what you are looking at. The center line label shows “Daily Open”, or more generally the chosen center, along with the exact price. All other bands show the percentage of ATR and the corresponding price, for example “+25% ATR 25999.90”. The label offset input lets you push those tags a user defined number of bars to the right of the current price action so the chart remains clean while still keeping the information visible. As new bars print, both the lines and their labels automatically extend and slide to maintain that fixed offset into the future.

To give additional context about current volatility, the script includes an optional table in the upper right corner of the chart. This table shows the latest single period ATR value on the chosen higher timeframe alongside the smoothed ATR used for the bands, clearly labeled with the timeframe and ATR length. When enabled, a highlight color marks the table cells whenever the most recent ATR reading exceeds the average, making it easy to see when the market is operating in an elevated volatility environment compared to its recent history.

In practical trading terms, [CT] ATR Chart Levels From Open turns the abstract concept of “average daily range” into specific, actionable intraday structure. The bands can be used to frame opening range breakouts, define realistic intraday profit targets, establish volatility aware stop placement, or identify areas where price has moved an unusually high percentage of its average range and may be vulnerable to mean reversion or responsive flow. Because the ATR is computed on a higher timeframe yet projected on whatever chart you are trading, you can sit on a one minute or five minute chart and still see the full higher timeframe volatility envelope anchored from your chosen center price for the session.