This is a trading item or a component that was created using QuantShare by one of our members.
This item can be downloaded and used by QuantShare Trading Software.
Trading items are of different types. There are data downloaders, trading indicators, trading systems, watchlists, composites/indices...
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Sometimes one wants to review/evaluate a certain stop loss by assessing its distances from the last bar in ATR multiples (Average true range). That is what this drawing tool was created for.
When using it, it draws lines for each ATR multiple. So one can see, how much is the distance from the last bar close to i.e. ATR(16,3).
This is especially useful when trading in long terms and setting stops depending on volatility/ATR.
The drawing tools creates three ATR lines (1*ATR, 2*ATR and 3*ATR) above the close price and three ATR lines below the close price. The resistance or support prices are also displayed. Example: R2 @ 539.29
The ATR lines are automatically updated when new data is downloaded. You can right click on any line to display its settings. There, you can update the period and the factor used to calculate the average true range.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
