MTF ATR Bands

A simple but effective MTF ATR bands indicator.

The script calculate and display ATR bands low and high of the current timeframe using high, low inputs and an RMA moving average, adding to it ATR of the period multiplied with the user multiplier, default is set to 1.5.

Than is calculated a smoothed average of the range and the color of it based on its slope, same color is used to fill the atr bands.

Than the higher timeframe bands are calculated and displayed on the chart.

How can be used ?

The higher timeframe average and bands can give you long term direction of the trend and the current timeframes moving average and filling short term trend, for example using the 15 min chart with a 4h HTF bands, or an 1h with a daily, or a daily with an weekly or weekly with bi-monthly atr bands.

Also can be used as a stop loss indicator.

Hope you will like it, any question send me a PM.