Daily ATR range for intraday chart
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
//03.02.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//https://www.prorealcode.com/topic/showing-customized-daily-indicators-in-smaller-timeframes/
defparam drawonlastbaronly=true
// --- parameters
//ATRperiod = 20
// ---
dTR = 0
for i = 0 to ATRperiod
dTR=dTR+max(abs(Dhigh(i)-Dlow(i)),max(abs(Dhigh(i)-Dclose(i+1)),abs(Dlow(i)-Dclose(i+1))))
next
avg = dTR/ATRperiod
converted = round(avg/pointsize*10)/10
htr = Dlow(0)+avg[1]
ltr = Dhigh(0)-avg[1]
if intradaybarindex=0 then
begin=barindex
endif
drawsegment(begin,htr,barindex,htr) coloured(200,100,0)
drawtext("#htr# - (D1atr: #converted#)",barindex,htr+10*pointsize,Dialog,Bold,10) coloured(200,100,0)
drawsegment(begin,ltr,barindex,ltr) coloured(200,100,0)
drawtext("#ltr# - (D1atr: #converted#)",barindex,ltr-10*pointsize,Dialog,Bold,10) coloured(200,100,0)
return
Comments
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Hello Nicolas, this topic is a bit old but the problem of this indicator has never been addressed. The ADR value that is plotted intraday does not match the value of the regular ATR indicator of the daily timeframe (for the same period of course). Example: The ATR (20) value of the daily chart of the EURUSD is currently 105 today and was 108 last friday. But this indicator is calculating a 89,7 ADR. Is there a way to fix this? Any help would be appreciated.
Hi Nicolas I was the person who asked for this code to be made a couple years back, I stopped using it once It wasn't matching the default PRT 20day number that the below chart indicator produces, I was wondering if you every updated it with a fix? The code I have for this is attached, would appreciate your feedback thanks defparam drawonlastbaronly=true // --- parameters ATRperiod = 20 // --- dTR = 0 for i = 0 to ATRperiod dTR=dTR+max(abs(Dhigh(i)-Dlow(i)),max(abs(Dhigh(i)-Dclose(i+1)),abs(Dlow(i)-Dclose(i+1)))) next avg = dTR/ATRperiod converted = round(avg/pointsize*10)/10 htr = Dlow(0)+avg[1] ltr = Dhigh(0)-avg[1] if intradaybarindex=0 then begin=barindex endif drawsegment(begin,htr,barindex,htr) coloured(200,100,0) drawtext("#htr# - (D1atr: #converted#)",barindex,htr+10*pointsize,Dialog,Bold,10) coloured(200,100,0) drawsegment(begin,ltr,barindex,ltr) coloured(200,100,0) drawtext("#ltr# - (D1atr: #converted#)",barindex,ltr-10*pointsize,Dialog,Bold,10) coloured(200,100,0) return
The ADR value that is plotted intraday does not match the value of the regular ATR indicator of the daily timeframe (for the same period of course). Example: The ATR (20) value of the daily chart of the EURUSD is currently 105 today and was 108 last friday. But this indicator is calculating a 89,7 ADR. Is there a way to fix this? Any help would be appreciated.
Our website does not provide indicators for MT4, we are using ProRealTime trading platform: www.prorealtime.com . If you want some of them to be converted, you ask for private paid assistance to our programming services: https://www.prorealcode.com/trading-programming-services/
what can i do to change this in to the right daily ATR? is it something to do with the timezone?
at least 20pips difference pretty much all the markets!!!!
hi Nicolas.. please is there's a way to fix this? what am i doing wrong? iis everyone else get the right daily ART shown as the indicator??? when i change the ATR period to 7 on the indicator.. that will come a bit closer to daily 14 period ATR!!!!
sorry i meant the indicator would NOT show any lines if threre’s not enough sufficient bars displayed .. so 15mins i use minimum 1000 units..
Hi Nicolas, this is used as a bouncing off strategy… lets say the market open of the candle and bounce off from daily ATR!!! not sure why it doesn’t match the Daily ATR indicator on prorealtime? Example: on the FTSE my indicator Daily ATR 14 period says 92.548 but your one says D1atr:138.9 ?? any reason why? please help??
the indicator would show any lines if threre's not enough sufficient bars displayed .. so 15mins i use minimum 1000 units.. i have tried even 1month but get the same results?? not sure why???
hi Nicolas, yes i have change the in this indicator time to 14 and also tried with 20 and im using this indicator on the 15min chart.. but either 14 period or 20 period doesnt match the normal daily ATR period 14 or 20? EX: today FTSE - daily ATR = 88.49 and the indicator shows as D1atr 132.9 EURJPY Daily ATR (14)= 127.6 and the indicator(14) 102.4 GBPUSD daily ATR =133.1 and indicator D1atr = 118.33
got it sorted thanks
Hi! With the new PRT update, this indicator does not work anymore