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ATR - Average True Range Drawing Tool

by Juliettpapa, 4668 days ago
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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.


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Type: Custom Drawing Tool

Object ID: 1104


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