OPEN-SOURCE SCRIPT
ATR - ATR from Low, ATR from High Labels
Updated
Checks what the average true range is for the X amount of trading days. Then will also label the ATR from the low, and the ATR from the high of the current day.
A second label can be created dependent on current days RVOL %. If RVOL is not 0 or 1, then it will create the second label. Otherwise it will just leave it as the standard label.
The calculation for second label is RVOL * ATR.
A second label can be created dependent on current days RVOL %. If RVOL is not 0 or 1, then it will create the second label. Otherwise it will just leave it as the standard label.
The calculation for second label is RVOL * ATR.
Release Notes
ATR label, which labels 1 ATR down from the high of the day, and also 1 ATR up from the low of the day. There is also possibility to put in custom ATR (i.e 1.5 x ATR, or 2 x ATR) by adjusting the RVOL details.
There is some code to start calculating RVOL, and then adjusting ATR based on RVOL, although that is not complete.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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