ATR Lines
Documentation V0.1 (Beta)
Inputs
Style
Timezone
Forex brokers choose their own timezone, two of them on TradingView use New York time and two of them use UTC-0. Meaning that, depending on your own timezone and TradingViews settings, you could get confused while back-testing the script.
For example, FXCM use NY time (UTC -5). If you are from Brussels in Belgium (UTC +2) you could be under the impression that 7 hourly bar are from the previous day session. That is also what your X axis will display. However, if you use TradingView's official mutli-time period charts indicator (MTCP) you will be able to clearly identify your broker daily range.
Why is it important ? Because ATR lines script uses intraday hourly bar and reset everyday. If you do the math thinking an hourly bar should be excluded when in fact it should not, you'll end up with false positive.
For any question or bug report please use Discord Mugen#9114 or Twitter @MugenBTC
- ATR value will be defined using the last fully formed daily candle and 20 periods as a default value.
- ATR lines will use current session's hourly bar highs and lows.
- Upside ATR line = current session lowest low + ATR value
- Downside ATR line = current session highest high - ATR value
- Real time ATR lines update upon hourly bar close
- Lines will be displayed both on the 1H and 4H time-frames
Inputs
- During session you can chose 1 as value for "Hours back to show" effectively only displaying current ATR line instead of all previous lines, if you want to keep track of past lines just select the number of hours you'd like
- When a market is closed, if you want to display the last lines just select the number of hours separating current time and the last hour of market session. For exemple if market closed on Friday 20.00 P.M and we are on Sunday 14.00 P.M use 42 hours value
Style
- Lines use color 2 as main style, for exemple you can make upside line red and downside line green to mimic support and resistance settings
- Color 0 and 1 will trigger if downside ATR goes above upside ATR and vice-versa
- For full length lines just tick Price Line
Timezone
Forex brokers choose their own timezone, two of them on TradingView use New York time and two of them use UTC-0. Meaning that, depending on your own timezone and TradingViews settings, you could get confused while back-testing the script.
For example, FXCM use NY time (UTC -5). If you are from Brussels in Belgium (UTC +2) you could be under the impression that 7 hourly bar are from the previous day session. That is also what your X axis will display. However, if you use TradingView's official mutli-time period charts indicator (MTCP) you will be able to clearly identify your broker daily range.
Why is it important ? Because ATR lines script uses intraday hourly bar and reset everyday. If you do the math thinking an hourly bar should be excluded when in fact it should not, you'll end up with false positive.
For any question or bug report please use Discord Mugen#9114 or Twitter @MugenBTC