Average True Range Refurbished

12 Dis 2022

💡 Objective
This script is a rebuild of the pre-existing ATR indicator, with improvements and fine-tuning.

🪄Improvements

1. Normalization option (range 0 to 100)


2. Optional calculation of the ratio between current volatility and average volatility


3. Optional smoothing


4. Show a moving average


5. Show Bollinger Bands with 3 bands


6. Change bar colors according to ATR and Bollinger Bands

📚 Definition

'The Average True Range (ATR) is a tool used in technical analysis to measure volatility. Unlike many of today's popular indicators, the ATR is not used to indicate the direction of price. Rather, it is a metric used solely to measure volatility, especially volatility caused by price gaps or limit moves.'
(TradingView)

16 Dis 2022

Nota Keluaran

Some fixes and improvements.