OPEN-SOURCE SCRIPT
ATR Volatility Bars 1.0
Updated
This script will be featured in upcoming video ideas about catching liquidations spikes in cryptocurrencies.
The script measures the unique size of each bar compared to the Average True Range (ATR) of the evaluation period. The evaluation period can be set in the inputs. The desired benchmark for what will be highlighted is also set in the inputs as a percentage. The default settings are to evaluate the last 26 bars for ATR and highlight bars that are 300% or larger than ATR.
When a bar meets the criteria of the indicator it will show a label and highlight the bar accordingly. The user may select the indicator to only show Buy or Sell opportunities. The indicator has alert functionality.
The script measures the unique size of each bar compared to the Average True Range (ATR) of the evaluation period. The evaluation period can be set in the inputs. The desired benchmark for what will be highlighted is also set in the inputs as a percentage. The default settings are to evaluate the last 26 bars for ATR and highlight bars that are 300% or larger than ATR.
When a bar meets the criteria of the indicator it will show a label and highlight the bar accordingly. The user may select the indicator to only show Buy or Sell opportunities. The indicator has alert functionality.
Release Notes
Added Label for Bar Percent ChangeRelease Notes
1/7/2021: Added Trading Functionality- Added plotted cross in middle of bar as Entry
- Added potential stop and target levels set by user input
After publishing the script initially as an indicator and alert source it remained incomplete without a way to structure a trade and a strategy around it. To add that functionality I am releasing this update.
The indicator now draws 3 additional items when the conditions to fire are met. The "Middle Bar" calculates the true 50% of the Volatile Bar. This is designed to be used as a potential entry point once price retraces beyond the level.
- The "Middle Bar" calculates the true 50% of the Volatile Bar. This is designed to be used as a potential entry point once price retraces beyond the level.
- The "Trade Stop" calculates a potential stop loss level just outside of the Volatile Bar. This can be used to define risk.
- The "Trade Target" calculates a potential take profit level that is a factor of the risk as defined by the Trade Stop.
There will be a supplemental video shortly to explain the process of creating this update and how to use it coming soon.
P.S.: I'm a total hack with code so if nested if's trigger you and you have suggestions to make things all nice and pretty feel free to DM me :D
Release Notes
Added user defined colors for labelsRelease Notes
Fixed a bug with Middle Bar displaying on non-valid bars.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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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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