ATR Range Pivot LinesDescription:
This Pine Script calculates and plots pivot lines based on ATR (Average True Range) value and closing price. It uses the previous trading day's ATR value to set static pivot levels for the current trading day. These pivot lines help traders identify potential support and resistance levels based on historical volatility. The script includes two main pivot lines—ATR High and ATR Low —and two midpoint lines between them for additional context. Labels are added to show the exact pivot values, with options to customize label positions.
Intended Use:
The script is designed to help traders forecast potential price ranges for the current trading day based on the previous day’s volatility. By adding and subtracting the previous day's ATR from the prior close, the script identifies key levels where price action may encounter support or resistance. It is useful for setting realistic price targets or entry/exit points. Since the ATR-based pivot lines are static for the entire day, they provide a reliable range for intraday trading strategies.
Disclosure:
This script was generated using AI. It is recommended to review and test the script thoroughly before applying it in live trading scenarios.
