OPEN-SOURCE SCRIPT

Open, Open +/- EMA ATR Lines with Labels

Aktualisiert
This indicator provides traders with a clear visualization of the opening price and its potential movement range for a specific timeframe, based on the Exponential Moving Average (EMA) of the Average True Range (ATR).

Features:

Opening Price Line: A green line representing the opening price for the chosen timeframe.
EMA ATR Lines:
An upper blue line, calculated as the opening price plus the EMA of the ATR.
A lower blue line, calculated as the opening price minus the EMA of the ATR.
Labels: Each line comes with a label on its right side, displaying the price level and, for the EMA ATR lines, the distance in pips from the opening price.
Custom Timeframes: Users can select their desired timeframe for calculations, making this tool versatile for different trading strategies.

Usage:

The EMA-smoothed ATR provides a measure of volatility. By plotting this value above and below the opening price, traders get a sense of potential price movement for the selected timeframe. This can be particularly useful for setting stop losses, take profit levels, or identifying breakout points.

For instance, if the price breaks above the upper EMA ATR line, it might indicate a potential upward move, especially if other market conditions align.

Customization:

Timeframe: Choose from various timeframes like 1-minute, 5-minutes, daily, weekly, and more.
ATR Length: Adjust the length of the ATR for more or less sensitivity.

This indicator is designed to offer traders a quick way to gauge potential price movement for their chosen timeframe. By combining the principles of the opening price and volatility measured by the EMA-smoothed ATR, it provides a straightforward yet powerful tool for various trading scenarios.
Versionshinweise
Color correction update
Versionshinweise
Timeframe selection updated.
Versionshinweise
Labels moved so they do not obstruct current price action.
Labels contrasted for easier reading.
Average True Range (ATR)forecasting

Open-source Skript

Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Haftungsausschluss