This indicator display graphically on any intraday chart, the daily Average True Range of the last 20 periods (periods can be modified in the indicator parameter of course) added or substract respectively to the current daily low and the daily high.
An upper and a lower line display these 2 values. I don’t know exactly how it is supposed to be traded, but I think it should be used as breakout of levels or bouncing trades.
This indicator seems to be known as “LEDGE ATR” and has been requested to be converted from MT4 version in our English forums (link in the indicator code).
//PRC_Daily ATR range intraday | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
// --- parameters
//ATRperiod = 20
dTR = 0
for i = 0 to ATRperiod
avg = dTR/ATRperiod
converted = round(avg/pointsize*10)/10
htr = Dlow(0)+avg
ltr = Dhigh(0)-avg
if intradaybarindex=0 then
drawtext("#htr# - (D1atr: #converted#)",barindex,htr+10*pointsize,Dialog,Bold,10) coloured(200,100,0)
drawtext("#ltr# - (D1atr: #converted#)",barindex,ltr-10*pointsize,Dialog,Bold,10) coloured(200,100,0)
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