Sharing a trend indicator, based upon the ATR of the ATR: the double ATR trend indicator.
(not knowing if this indicator already exists)
The indicator is smoother then regular averages with the same period setting.
The double ATR trend indicator is calculated as follows:
DATR = Averagetruerange[Period](Averagetruerange[Period](Close))
For detecting the more general trend, the DATR is also calculated on a double period:
DATR2 = Averagetruerange[Period*2](Averagetruerange[Period*2](Close))
The default period setting is 15, the indicator should be added to the graph (like moving averages). For comparison a 15 bars moving average is added.
Possibly the double ATR trend indicator on a double period could be used as a moving stop loss
As with most trend indicators, this indicator works well in a trending market, but not so well in a non trending, zigzagging market.
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// Default Period = 15 // To be added to the graph itself like a moving average //double ATR Period = 15 DATR = Averagetruerange[Period](Averagetruerange[Period](Close)) //double ATR with doubled period DATR2 = Averagetruerange[Period*2](Averagetruerange[Period*2](Close)) if DATR < DATR[1] then r=255 g=0 b=0 else r=0 g=176 b=80 endif if DATR2 < DATR2[1] then ar=255 ag=0 ab=0 else ar=0 ag=176 ab=80 endif return DATR coloured(r,g,b) style(Line, 5) as "DATR", DATR2 coloured(ar,ag,ab) style(Line, 5) as "DATR2" |
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Hi man, I installed the indicator and i don’t know why but my graph it is so big
sounds interesting I’ll take a look