This ATR and DTR label is update of Existing Label provided by © ssksubam
Please See Notes on original Script Here :
Original Code is not mine but I have done few code changes which I believe will help everyone who are looking to add more labels together and save space on the chart

ATR & DTR Script is very helpful for Day Traders as I will explain in detail bellow

Following are changes I have incorporated
  • Previous Label took more space on the charts with Header and Footer.
  • I removed the Header and moved both DTR vs ATR descriptions on the same line, saving space on the chart.
  • I updated the code to remove => signs, which are self-explanatory as I will explain below.
  • I made the label in 1 single compact line for maximum space efficiency and aesthetics.
  • These changes improve the content's clarity and conciseness while optimizing space on the charts. If you have any further requests or need additional assistance, feel free to let me know!
What Does DTR Signify?

Stock ATR stands for Average True Range, which is a technical indicator used in trading and investment analysis. The Average True Range measures the volatility of a stock over a given period of time. It provides insights into the price movement and potential price ranges of the stock.

The ATR is calculated as the average of the true ranges over a specific number of periods. The true range is the greatest of the following three values:

The difference between the current high and the current low.
The absolute value of the difference between the current high and the previous close.
The absolute value of the difference between the current low and the previous close.
Traders and investors use ATR to assess the potential risk and reward of a stock. A higher ATR value indicates higher volatility and larger price swings, while a lower ATR value suggests lower volatility and smaller price movements. By understanding the ATR, traders can set appropriate stop-loss levels and make informed decisions about position sizing and risk management.
It's important to note that the ATR is not a directional indicator like moving averages or oscillators. Instead, it provides a measure of volatility, helping traders adapt their strategies to suit the current market conditions.

What Does ATR Signify?

The Average True Range (ATR) signifies the level of volatility or price variability in a particular financial asset, such as a stock, currency pair, or commodity, over a specific period of time. It provides valuable information to traders and investors regarding the potential risk and reward associated with the asset.
Here are the key significances of ATR:
Volatility Measurement: ATR measures the average price range between high and low prices over a specified timeframe. Higher ATR values indicate greater volatility, while lower values suggest lower volatility. Traders use this information to gauge the potential price movements and adjust their strategies accordingly.
Risk Assessment: A higher ATR value implies larger price swings, indicating increased market uncertainty and risk. Traders can use ATR to set appropriate stop-loss levels and manage risk by adjusting position sizes based on the current volatility.
Trend Strength: ATR can also be used to assess the strength of a trend. In an uptrend or downtrend, ATR tends to increase, indicating a more powerful price movement. Conversely, a declining ATR might signify a weakening trend or a consolidation period.
Range-Bound Market Identification: In a range-bound or sideways market, the ATR value tends to be relatively low, reflecting the lack of significant price movements. This information can be helpful for range-trading strategies.
Volatility Breakouts: Traders often use ATR to identify potential breakouts from consolidation patterns. When the ATR value expands significantly, it may indicate the beginning of a new trend or a breakout move.
Comparison between Assets: ATR allows traders to compare the volatility of different

How to use DTR & ATR for Trading

Using Average True Range (ATR) and Daily Trading Range (DTR) can be beneficial for day trading to assess potential price movements, manage risk, and identify trading opportunities. Here's how you can use both indicators effectively:

Calculate ATR and DTR: First, calculate the ATR and DTR values for the asset you are interested in trading. ATR is the average of true ranges over a specified period (e.g., 14 days), while DTR is the difference between the high and low prices of a single trading day.

Assess Volatility: Compare the ATR and DTR values to understand the current volatility of the asset. Higher values indicate increased volatility, while lower values suggest reduced volatility.

Setting Stop-Loss: Use ATR to set appropriate stop-loss levels. For example, you might decide to set your stop-loss a certain number of ATR points away from your entry point. This approach allows you to factor in market volatility when determining your risk tolerance.

Identify Trading Range: Analyze DTR to determine the typical daily price range of the asset. This information can help you identify potential support and resistance levels, which are essential for day trading strategies such as breakout or range trading.

Breakout Strategies: ATR can assist in identifying potential breakout opportunities. When ATR values increase significantly, it suggests an expansion in volatility, which may indicate an upcoming breakout from a trading range. Look for breakouts above resistance or below support levels with higher than usual ATR values.

Scalping Strategies: For scalping strategies, where traders aim to profit from small price movements within a single trading session, knowing the typical DTR can help set reasonable profit targets and stop-loss levels.

Confirming Trend Strength: In day trading, you may encounter short-term trends. Use ATR to assess the strength of these trends. If the ATR is rising, it suggests a strong trend, while a declining ATR may indicate a weakening trend or potential reversal.

Risk Management: Both ATR and DTR can aid in risk management. Determine your position size based on the current ATR value to align it with your risk tolerance. Additionally, understanding the DTR can help you avoid overtrading during periods of low volatility.

Combine with Other Indicators: ATR and DTR work well when used in conjunction with other technical indicators like moving averages, Bollinger Bands, or RSI. Combining multiple indicators can provide a mor

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