Volatility scalper indicator
October 13, 2015, 5:35 PM
Indicators
7 Comments
This indicator is sensing the high volatility of market price. It reflects when the market makes big moves on the same bar. I think it can be applied to any timeframe, but i have a better feeling on applying it on higher timeframe on forex pairs. Nevertheless, it would also make the job on any market, but the treshold parameter would be adapt to point/decimal of the item you would trade.
//Parameters : 4 hours timeframe on Forex : treshold = 0.01
if(close-close[1])>0 THEN
upsidevol = averagetruerange[1]+(averagetruerange[1]-averagetruerange[2])*0.5
downsidevol = 0
ELSE
upsidevol = 0
downsidevol = averagetruerange[1]+(averagetruerange[1]-averagetruerange[2])*0.5
ENDIF
RETURN upsidevol as "up", downsidevol as "down", treshold as "treshold"
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Filename:
Volatility-scalper.itf
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