Average True Range (ATR) Channel and Trailing Stop Losses

V1.00: Average True Range (ATR) Channel and Trailing Stop Losses

  • Show the ATR channel as either a moving average or steps for stop losses.
  • You can plot the average center line and up to 12 channel lines.
  • You can smooth the channels using a moving average of your choice.
  • You can also set a static timeframe so you can view, for example, the daily channels on the 4h chart.

1) Length : ATR length
2) Smoothing: ATR smoothing (RMA, SMA , EMA , WMA )
I) Source for channel addition: Either use the close or the high and low for the channel/ stop calculations (Close, High/Low)
II) Use Custom Time Frame? : Set static timeframe. Use minutes untill you hit the daily, so 1 = 1minute, 240 = 4 hours, 720 = 12 hours, 1D = 1 day, 3D = 3 days, 1W = 1 week, 1M = 1 month.
III) Line type: Either a stepline, standard lines or horizontal lines showing only the current values.
IV) Lines to plot? : The number of lines to plot.
IV) Plot Center Line? : Plot the mean line of the ATR. This is colored by its position relative to the close.
V) Offset plot? : Offset plotting to the left (negative values) or to the right (positive values).
↪ Multipliers: Multipliers for the channel lines.
A) Smoothing: Channel line smoothing by moving average (MA) of your choosing (None, RMA, SMA , EMA , WMA )
B) Length: MA length of lookback.
C) Smooth (only) Center Line: Only smooth the center line and not the channel lines. This can be used if A) is set to "None".

You can also set a host of alerts.

Here is an example using the horizontal "III) Line type" setting.

Another example

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Market Hours

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