Have you ever got trapped on the middle of a consolidation? Well, it just happened to me trading the 1 minute chart last friday! So, I coded this script to display a percentage of ATR for a given resolution. Now, how can you benefit using this information?
For example:
Using the standard settings (resolution is calibrated 15 minutes in order to trade 1minute charts), just draw your prefered support and resistance. Then measure the number of pips between support and resistance. This number should be approximately the same the indicator is displaying. If the indicator is displaying a lower value, maybe it will be a good idea to tighten your support/resistance levels (if the price goes against you, you will have confidence and probability on your side to open an opposite position and reach your Take profit before a new reversal take place.
Change colors and resolution for your desired timeframe until you find your particular "sweet spot"
Thanks for this. Good work! Some things I want to do need input from a specific time frame and your code above points me at built in variable resolution. Some play with it and may have something to post back at the community.
ATR has been a favorite of mine for screening as need active instruments. My risk is defined by option trade configurations (do not need stops) so this tells me more about is market still active or flattening.
Thanks again and Keep Smiling! tc
ArashRad
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@Tom1trader,
Hello Tom, Have you achieve what you were looking for? I mean get ATR for different time frame. If so, please share the resolution to me as well. What I am looking for is to have a subtraction of ATR output from different time frames
Tom1trader
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@ArashRad, Hi, Actually have not been using ATR much lately, good reminder, thanks! I have been coding a lot more recently but have not published anything for a while. To get any info from another time frame the key is the "security() function. If I get stuck I Google (and rephrase maybe a few times to get the results needed) it and study the results - there a some pro places that give a specific bit the turns up in a search that is posted along with their advertisement but there are a lot of community type postings too like tradingview wiki etc. At a glance the "mtfatr" variable above is the ATR from the inputs for variables rescustom (for resolution requested) and length (ATR length). If you want to combine more than one you can define another (assign different resolution and or length to a variable other than mtfatr.
ATR has been a favorite of mine for screening as need active instruments. My risk is defined by option trade configurations (do not need stops) so this tells me more about is market still active or flattening.
Thanks again and Keep Smiling! tc