OPEN-SOURCE SCRIPT

Average True Range - Improved

Average True Range - Improved is a small variation I have made to the standard ATR indicator. It will test the current ATR against the Historic Average ATR of your preference to see if the current volatility is high or low.

Once it has determined if it is high or low it will color code the circles at the top based on this information. Green means the current volatility is low and red means the current volatility is higher than the historic average.

In the settings I have also placed a couple styles, if you wish to show the ATR and Historic ATR in percent format instead of normal you can turn them on in the style settings. If you are using the percent format I recommend setting the Precision to 2-3 decimal places.

I hope you all enjoy this indicator, if you have any questions please feel free to post them in the comments.