ATR bands, smoothed with exponential moving averages.
The difference between this and other ATR bands is that high and low are used as the source for top and bottom band, resulting in more accurate ATRs. It is also calculated in log-space to aid in making the bands more "springy" when it comes to extremely volatile assets or very low timeframes.
- Added option to not use a moving average to get the real value for stop loss
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Added alert conditions for the labels. Defaulted EMA smoothing to true.
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Added additional bands that are off by default. These bands do not have alerts nor shapes attached to them, so I have turned "Show Labels When Price Closes Out of Bands" off for default to prevent confusion.
Hello - great indicator. I started manually testing and realised my look back period is quite long. So decided I'm going to have a go at a pin script.
Fundamentally I want to do the following using your indicator.
buy when price above ATR Basis
- close when price below ATR Basis and Stochastic(14) < 75
I know you are super busy, but would be grateful for any help in writing this. Thanks in advance
So you'll want to get the ATR basis, which can be derived from the average of the upper ATR band and the lower ATR band. How you reach that is up to your type of calculation. The rest is simple:
So buy and sell conditions will open an entry for you, regardless if you already have an open position. The close trigger will always close any position, and requires "strategy.position_size" to be checked, otherwise the strategy closes the wrong orders.
rvs85
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Hey man - Great indicator. Just want to better understand the input. I believe I know what the multipliers do. Can you tell me what the numbers entered in "ATR" input mean? Is this the number of candles used to compute the range?
Thanks in advance.
Best,
R
Money-Tree
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Hi mate, awesome Job, Would you be able to add two levels of ATR lines. Say 1*ATR and 1.5*ATR? Currently, we have only one level
NeoButane
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@Money-Tree, Thanks. I've added additional bands, though interpreting them seems rather difficult, at least for myself. If you think it needs more visual cues I can add them, otherwise I'm going to leave it as is.
Fundamentally I want to do the following using your indicator.
buy when price above ATR Basis
- close when price below ATR Basis and Stochastic(14) < 75
I know you are super busy, but would be grateful for any help in writing this. Thanks in advance