The "Average Pivot Indicator" is an alternative to the "Average True Range" and is based in "pivot points" calculated with a Jurik ma, (same as the "Zero-Lag"ZigZag") the indicator calculates the range in the price swing between the two last pivot points. A green/red candle shows the range that price has risen/fallen since the last swing low/high As with the normal ATR, this can be used to set price targets, stoplosses, to gauge volatility,...
I added an option to insert a commission/fee percentage to make it easy to see if a timeframe is worth trading or if you will likely get "eaten" by fees. (note the fee should be entered per transaction!! The indicator will calculate it one time for entry and once for exit)
The indicator can be displayed in percentage (upper chart) or in absolute value/ticks (lower chart) The normal ATR is added too, so you don't have to chose which one you add to your chart! ;-)
if you find other uses, please leave your ideas in the comments!
Shoutout to Everget for the awesome Jurik code!!
JD.
#NotTradingAdvice #DYOR
I build these indicators for myself and provide them open source, to use for free to use and improve upon, as I believe the best way to learn is toghether.
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- cooked up a method to calculate the APR more exactly by averaging only the non na values! - added standard deviation bands to the average