-view the ATR levels easily with labels and know where the price action is in relation to a specific level
-the included "price follow line" extends across the screen and through the ATR levels label to allow you to easily identify which level you're in or about to enter either on an upswing or downswing
- a +/- 4 and 5 ATR level created that can be turned on for those crazy runners, occasionally a stock will run >5 ATR if you're lucky
Select levels are standard when firing up the indicator but you can click on the appropriate levels to suit your needs and save it from there.
There are several modes to choose from >> Day, Multiday, Swing, Position and Long-Term - Try them out and see what works best for your trading style. For instance:
-Day mode is great for, you guessed it, day trades whether long or shot and ideally paired with 1h or less timeframes
-Multiday is similar to Swing mode and is great for trades less than a week and generally paired with 30m to 1 day timeframe
-Swing mode is great for 1-3 week trades and can be used on higher timeframe such as 30m to 1 day
-Position & long term are of course for longer term trades and ideally paired with 4 hour to 1 month timeframes
ATR length of 14 is standard (look up "Wilder's 14")
Trend indicator based off of the 9-21-34 EMAs // - Range against ATR for each period // - Put and call trigger levels table was created by Saty, located in upper right
Generally, once a candle hits the 23.6% level, look to "go long" but be sure to wait for confluences that support your strategy. Maybe you can wait till the 38.2 level or even higher, dependent on your risk tolerance (stop loss recommended). A candle could come back and retest a certain level that you're eyeing and then continue upwards. As each level is hit, the greater the chance to hit 1 ATR (or higher!). You can start to scale out of a trade at any level but any of the main ATR levels like +1, +2 and so on would be ideal places to take some profit. Keep in mind that a stock can make a run in the pre-market and once the opening bell hits the stock might already be above the +1 ATR level or higher. Conversely the aforementioned is true for stocks to short. The -23.6% level would a "trigger" level but you can use -38.2 etc
Regarding the "use current close" check box: if you're in after or pre-market hours, the ATR levels will remain from the previous day so you'll want to check this box to see what the new levels will be for the current day. But you'll want to uncheck it and leave it unchecked throughout the trading day.
If you find this indicator invaluable and it helps you become a more consistent and profitable trader, feel free to give it a boost and leave a comment if you so desire. As always, trade at your own risk and never use more money than you afford to lose.
-added an ATR table showing levels from +/- 100% (via inputs which you can hide)
-added trend color with current level that the price (also shown) is within (top of table)
-added 💹 🔽 in trend row to show if price is increasing or decreasing through ATR level
-added ability to change position and size of table
-added ATR labels offset
-color coded the ATR levels to match the the trend color row
-organized inputs section
-Changed wording for the 0 to 23.6% level from "Above Prev Close" to "0 to 23.6%" and vice versa for the 0 to -23.6% level
⚡ Pro scripts: www.tradingview.com/script/hESCvPuH-Predictive-Volume-MTF-Pro/
🙋♂️ Get help with Pinescript: simplecrypto.life/get-help-with-pinescript
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