This script shows DTR vs ATR (Today's True Range vs 14 days Avg True Range) along with percentage. The label automatically changes color based on percent value. <=70 is GREEN, >=90 is RED and between 70 & 90 is ORANGE.
The location of the script not stick to one place. There is no such a functionality to keep it static at one location (like top right corner). But I think that feature is coming soon. I may be wrong.
Versionshinweise
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This script shows DTR vs ATR (Today's True Range vs 14 days Avg True Range) along with percentage. The label automatically changes color based on percent value. <=70 is GREEN, >=90 is RED and between 70 & 90 is ORANGE.
The location of the label won't stick at one place. There is no such a functionality to keep it static at one location (like top right corner) currently. But I think that feature is coming soon. I may be wrong. Currently the label will be located top of the chart (y-axis) and numbers of bars left or right (x-axis) depending on input value. By default 5 bars left from last bar.
Versionshinweise
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Fixed an issue where if we have a Heikin Ashi chart (or Renko, Kagi, PriceBreak etc), daily high/low were not calculated based on real OHLC.
Versionshinweise
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Modified the script to allow folks to choose whether they want ATR smoothed based off of EMA, SMA, RMA or WMA. But you will have to modify the script. I have added comment above the specific line so that you can modify the script. There is no option add a input / drop-down menu since I calculate ATR based on Daily candles and also this script is modified to work with other candlestick charts like Heikin Ashi. There is a limitation that you cannot have "security" function under 'if' condition
Versionshinweise
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Little update to choose Smoothing Type (have to edit the script).
Versionshinweise
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Now added option to choose smoothing from drop-down menu. Enjoy
Versionshinweise
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Another little update.
Versionshinweise
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Updating some notes and removing unwanted lines
Versionshinweise
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Updating function and cleaning stuff
Versionshinweise
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Per request from my followers, I have updated this script so that you can choose location of the table and text size. In addition to that, you can enable/disable table title.
Here is the supported text size: "auto", "tiny", "small", "normal", "large", "huge"
I like this indicator, but feel like a few additions would make it even better. Could you add in options for lines on the chart projected from highs and lows? It would show 100% ADR from todays low and high and maybe 125-150% projections. Thanks for the great tool. I have seen some good stats on 125-150% being low probability of continuation. Combine this with some support/resistance, may have a good trade entry area.
kahmed01
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Hi, thank you for making this. Are there videos on how to use this indicator?
sskcharts
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@kahmed01, hi it's very straightforward. You can look at all the educational tweets by @ripster47 on Twitter. From his own words: #tradingtips Use Daily ATR to manage risk. Average True Range. If you buy a stock which has moved most or more than ATR already it has to satisfy other variables for continued push. A stock with Range Traded <ATR on high vol breakout has more room vs already traded ATR.
arandhara
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How to use
PhilAndre
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Thank you !! I was using it without any problems but not sure what happened, now the numbers are just stuck there frozen. Anyways not sure what it is but it was awesome work you did!
PhilAndre
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@PhilAndre, I can't delete my comment above lol, I apologize. Everything works fine as always. Thanks again for such a useful script!!