Average True Range for Day Trading

This script is meant for day traders to help identify the possible range that price could move either up or down for the day based on the previous day's average true range (ATR). Horizontal lines are projected from the start of the day with an offset from the previous day's close by adding and subtracting the ATR to the previous day's close. The ATR is typically set to the daily timeframe, while this script allows you to go into lower timeframes, while maintaining the ATR projections at the higher timeframe (e.g. daily).

Here is an example of the script showing the ATR projections at the daily timeframe for BYBIT:BTCUSD:

When changing the chart timeframe to 5min, the script ensures the daily ATR projections are shown/overlaid:

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The new version adds n option to show the values for the horizontal lines and uses the atr function instead of the raw calculation to improve the accuracy of the calculated values.

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Added the smoothing function as an input allowing you to choose EMA, RMA, etc...

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This updated version now allows you to add ATR lines for previous bars as well. Choosing the no. bars to show previous ATR ranges to be greater than 0 will start to show these ATR range lines in orange at the respective bars going back in time. A value of 0 will show the most recent ATR range lines.

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Added an input to allow user to round off the number shown in the ATR label above/below the lines.

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Added an option to enable/disable the display of the previous days' close with a dashed line.

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Fixed a bug where the previous ATRs would not show properly when using a different timeframe to the indicator timeframe setting. Increasing the number of bars to lookback for previous ATRs seems to be limited by TradingView when going into lower timeframes though.

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Added a new feature allowing multiples of ATRs to be displayed for the current bar. You can choose if either above or below multiples should be shown.

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Corrected a small bug with the way ATR is calculated when drilling down to lower timeframes in price.

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Made a small change which shifts the labels to the right a little so that they are not in the way of the price action when price is close to ATR levels or previous day's settlement.

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Added feature to change line and text color for visually impaired users so they can customize the colors to their liking

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This new version includes the ability to add 0.5 ATR intervals to the chart as well.

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This version brings back the ability to modify the colors of the lines.

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This version adds an offset to the labels to ensure they do not get in the way of the current bar's candle structure.