Average True Range V2

Here's an introduction and explanation for your ATR indicator script:

Average True Range (ATR) with Enhanced Features
This custom ATR indicator builds upon the traditional Average True Range calculation with several advanced visualization and analysis features designed for traders who need more precise market volatility insights.

Overview
The indicator calculates ATR using your choice of four smoothing methods (RMA, SMA, EMA, or WMA) and adds professional-grade tools for identifying extreme volatility levels over different time periods.

Key Features
Delayed Update Mode: Toggle the "Wait for period end before updating" option to prevent the ATR from recalculating until the current candle closes, eliminating false signals during active price action.

Scale Inversion: The "Flip scale" feature inverts the ATR values, which can be useful when comparing volatility patterns with inversely correlated indicators or when creating custom overlay strategies.

Dynamic Horizontal Line: A real-time horizontal line tracks the current ATR value across your chart, making it easier to identify when volatility reaches specific levels. Customize its color, style (solid, dashed, or dotted), and width to match your charting preferences.

Extreme Value Markers: Automatically identifies and marks 3-day and 7-day volatility extremes with customizable shapes and colors. This helps you quickly spot:

3-day low/high volatility points (shorter-term extremes)

7-day low/high volatility points (medium-term extremes)

Choose from seven different marker shapes (circle, triangle up/down, square, diamond, cross, or X cross) to distinguish between different extreme types at a glance.

Practical Applications
Use this indicator to identify optimal entry and exit points based on volatility cycles, set more accurate stop-loss levels during low volatility periods, or spot potential breakout opportunities when volatility reaches extreme lows before expanding.

The extreme markers are particularly valuable for mean-reversion strategies, helping you identify when volatility has stretched to unsustainable levels and may return to normal ranges.

Would you like me to adjust the tone to be more technical or conversational, or expand on any specific feature?