ALEX - ATR Extensions + ADR + Table

ALEX - ATR Extensions + ADR + Table

Overview
The ALEX ATR Extensions indicator is a comprehensive volatility and momentum analysis tool that combines Average True Range (ATR), Average Daily Range (ADR), and moving average distance calculations in a single, customizable display. This indicator helps traders assess current price action relative to historical volatility and key moving averages, providing crucial context for risk management and trade planning.

Key Features

Multi-Metric Analysis
- ATR Percentage: Current ATR as a percentage of price for volatility assessment
- ADR Percentage: Average Daily Range as a percentage for typical daily movement
- Low of Day Distance: Distance from current price to daily low
- Moving Average Distance: ATR-normalized distance from 21 and 50 period moving averages

Flexible Moving Average Options
- Configurable MA Types: Choose between EMA or SMA for both 21 and 50 period averages
- Customizable Periods: Adjust moving average lengths to suit your trading style
- Daily Timeframe Data: Uses daily moving averages regardless of chart timeframe

ATR Extension Levels
- Dynamic Price Targets: Calculate extension levels based on ATR multiples from moving averages
- Visual Reference Lines: Optional overlay lines showing ATR extension targets
- Customizable Multipliers: Adjust ATR multipliers for different risk/reward scenarios

Smart Visual Alerts
- Color-Coded Distance Metrics: Automatic color changes based on distance thresholds
- Symbol Plotting: Customizable chart symbols when distance thresholds are exceeded
- Threshold-Based Alerts: Visual cues when price reaches significant ATR distances

Comprehensive Data Table
- Real-Time Metrics: Live updating table with all key measurements
- Customizable Display: Toggle individual metrics on/off based on preference
- Professional Styling: Adjustable colors, fonts, and transparency

How to Use

Volatility Assessment
- High ATR%: Indicates elevated volatility, larger position sizing considerations
- Low ATR%: Suggests compressed volatility, potential for expansion
- ADR% Comparison: Compare current day's range to historical average

Moving Average Analysis
- ATR Distance 21/50: Normalized distance showing how extended price is from key levels
- Positive Values: Price above moving average (bullish positioning)
- Negative Values: Price below moving average (bearish positioning)
- Color Changes: Automatic alerts when reaching threshold levels

Extension Target Planning
- ATR Extension Lines: Visual price targets based on volatility-adjusted projections
- Risk/Reward Planning: Use extension levels for profit target placement
- Breakout Confirmation: Extension levels can confirm breakout validity

Symbol Alert System
- Chart Symbols: Automatic plotting when distance thresholds are breached
- Customizable Triggers: Set your own threshold levels for alerts
- Visual Scanning: Quick identification of extended conditions across multiple charts

Settings

Display Controls
- Show ADR%: Toggle average daily range percentage display
- Show ATR%: Toggle average true range percentage display
- Show LoD Distance: Toggle low of day distance calculation
- Show LoD Price: Toggle actual low of day price display
- Show ATR Distance from 21/50 DMA: Toggle moving average distance metrics
- Show 21/50 DMA Price: Toggle actual moving average price display
- Show ATR Extension Levels: Toggle extension target display in table

Moving Average Configuration
- 21/50 DMA Type: Choose between EMA or SMA calculation methods
- 21/50 DMA Period: Customize moving average lengths
- ADR/ATR Length: Adjust calculation periods for range measurements

Color Thresholds
- Threshold Levels: Set distance levels for color changes (default 2.0 and 5.0)
- Custom Colors: Choose colors for different threshold breaches
- Separate 21/50 Settings: Independent color schemes for each moving average

Symbol Settings
- Show Char Symbol: Toggle symbol plotting for each moving average
- Custom Symbols: Choose any character for chart plotting
- Symbol Colors: Customize colors for visual distinction
- Threshold Levels: Set trigger points for symbol appearance

ATR Extension Lines
- Show Extension Lines: Toggle visual extension level lines
- ATR Multipliers: Customize extension distance (default 2.0x)
- Line Colors: Choose colors for extension level visualization

Table Customization
- Background Color: Adjust table transparency and color
- Text Color: Customize default text appearance
- Font Size: Choose from tiny to huge font options

Advanced Applications

Trend Strength Analysis
- Large ATR distances suggest strong trending moves
- Small ATR distances indicate potential consolidation or reversal zones
- Compare current readings to recent historical ranges

Risk Management
- Use ATR% for position sizing calculations
- Extension levels provide natural profit target zones
- Distance metrics help identify overextended conditions

Multi-Timeframe Context
- Apply to different timeframes for comprehensive analysis
- Daily data provides consistency across all chart intervals
- Combine with weekly/monthly analysis for broader context

Market Regime Identification
- High volatility periods: Increased ATR% readings
- Low volatility periods: Compressed ATR% readings
- Trending markets: Sustained high distance readings
- Consolidating markets: Low distance readings with frequent color changes

Best Practices

Volatility-Adjusted Trading
- Increase position sizes during low volatility periods
- Reduce position sizes during high volatility periods
- Use ATR% for stop-loss placement relative to normal market movement

Extension Level Usage
- Primary targets: 1.5-2.0x ATR extensions
- Secondary targets: 2.5-3.0x ATR extensions
- Avoid chasing prices beyond 3x ATR extensions

Threshold Optimization
- Backtest different threshold levels for your trading style
- Consider market conditions when setting alert levels
- Adjust thresholds based on instrument volatility characteristics

Integration Strategies
- Combine with momentum indicators for confirmation
- Use alongside support/resistance levels
- Incorporate into systematic trading approaches

Technical Specifications
- Compatible with Pine Script v6
- Uses daily timeframe data for consistency
- Optimized for real-time performance
- Works on all chart types and timeframes
- Supports all tradeable instruments

Ideal For
- Swing traders using daily charts
- Position traders seeking volatility context
- Day traders needing intraday reference levels
- Risk managers requiring volatility metrics
- Systematic traders building rule-based strategies

Disclaimer
This indicator is for educational and informational purposes only. It should not be used as the sole basis for trading decisions. Always combine with other forms of analysis, proper risk management techniques, and consider your individual trading plan and risk tolerance. Past performance does not guarantee future results.

Compatible with Pine Script v6 | Optimized for daily timeframe analysis | Works across all markets and instruments