ATR X-Power

30 thg 7, 2024

ATR X-Power is a simple graphical representation of Average True Range.

The ATR is calculated on a daily basis and averaged over the "Length" specified in settings (default is 14 days).

At the start of the day, the starting price is recorded and five horizontal lines are drawn which illustrate possible ranges for the day:

1. Starting price
   
2. Starting price + ATR (+100%)
   
3. Starting price - ATR (-100%)
   
4. Starting price + ATR/2 (+50%)
   
5. Starting price - ATR/2 (-50%)
   

The final two lines are drawn using the ATR half values in such a way that a X is formed. The X represents possible motion of the price back to starting price (also known as reversion to mean). The two lines are drawn as follows:

1. Beginning at (Starting Price + ATR/2) and ending at (Starting Price - ATR/2)
   
2. Beginning at (Starting Price - ATR/2) and ending at (Starting Price + ATR/2)
   

Use cases:

• ATR presents us with the average amount of price fluctuation we can expect to see in a single day on a specific instrument
  
• If price is near the extremes (+/-100% ATR) for the day, then probability of it moving outside that range is low, which increases odds of a reversal
  

Bugs?
Kindly report any issues you run into and I'll try to fix them promptly.
Thank you!

31 thg 7, 2024

Phát hành các Ghi chú

Expanded settings to allow for personalized color choices

31 thg 7, 2024

Phát hành các Ghi chú

Cleaned up commented code

7 thg 8, 2024

Phát hành các Ghi chú

Adjusted how the Session time change is calculated, so it now behaves properly on more instruments

12 thg 8, 2024

Phát hành các Ghi chú

Added a label that shows the user the daily ATR (dATR) and true range (TR) as well as percentage of dATR. The label moves to the nearest level, so it stays within view but also doesn't get in the way.

15 thg 8, 2024

Phát hành các Ghi chú

- ATR data window now shows the proper values for different instruments
- ATR data window can now be disabled in settings
- ATR data window font size can be chosen in settings
- ATR X initializes off previous candles close