It can be use to adapt your trading in high and low periods of market , determine reasonable target or take profit, entry at likely mean reversion, stop loss beyond normal flows etc...
More on the script behavior:
- Daily ATR upper/lower levels are applied on the current day low/high;
- The ATR value is defined by the last D1 bar;
- Shows up to D1 timeframe;
- Configuration for the indicator's period (default: 20 period ATR);
- Configuration for plotting the indicator on the the x axis with an offset/at begining of the day (default: offset);
- enable switching daily ATR values between yesterday-today;
- allow styling of levels at default and overflow states;
- change display values from fixed to rounded numbers;
- In some charts, gaps are not taken into account. This update fixes it.
- When there are discrepancies between intraday and D1 OHLC, the script now uses the ones from the currently displayed timeframe.
- On non 24-7 markets, after weekends and holidays the lines are longer, it fixes their length.
Get access to them via: https://sbtnc.gumroad.com/
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.