OPEN-SOURCE SCRIPT
ATRLevels 1.0.0
The indicator shows the average daily ATR for the past N days from the beginning of the current session. The range is displayed using levels. If the price has approached the level of 100% or -100% it means that the price has passed its average distance and it is possible to consider points for price reversal. This can be confirmed by daily or weekly horizontal resistance/support levels.
If the price has approached the levels of 25%, 50% or 75% and there are hourly or daily extrema at these levels, then we can consider situations on a false stabbing of these levels and a price pullback in the opposite direction.
*The best confirmation of a bounce/reversal is the density in the scalper's stack.
Settings:
ATR Daily length - number of periods to calculate the daily ATR
100% lines - visual design of 100% and -100% levels
50% lines - visual design of the 50% level
25% and 75% lines - visual design of 25% and 75% levels
If the price has approached the levels of 25%, 50% or 75% and there are hourly or daily extrema at these levels, then we can consider situations on a false stabbing of these levels and a price pullback in the opposite direction.
*The best confirmation of a bounce/reversal is the density in the scalper's stack.
Settings:
ATR Daily length - number of periods to calculate the daily ATR
100% lines - visual design of 100% and -100% levels
50% lines - visual design of the 50% level
25% and 75% lines - visual design of 25% and 75% levels
Script open-source
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