Jackrabbit TV Recipes using the ATR indicator

Recipes using the ATR indicator

The average true range (ATR) is a market volatility indicator used in ... The ATR is fairly simple to calculate and only needs historical price data.

The Average True Range (ATR) is a technical indicator used to measure the volatility of an asset. It is commonly used by traders to identify potential entry and exit points in the market.

The ATR is calculated as the average of the true range of an asset over a given time period. The true range is the greatest of the following:

  1. The current high minus the current low
  2. The absolute value of the current high minus the previous close
  3. The absolute value of the current low minus the previous close

The resulting value is then smoothed using a moving average. The ATR is plotted as a single line on a separate chart and is typically displayed with a unitless scale.

Traders often use the ATR as a volatility indicator to help determine the size of stop loss and take profit orders. For example, a trader might use a multiple of the ATR to set a stop loss order at a certain distance from the entry price. The ATR can also be used to identify breakouts and trend reversals, as well as to confirm the strength of a trend.

Overall, the ATR is a useful tool for identifying market volatility and can help traders make more informed decisions about their trades.

The ATR indicator for the Jackrabbit suite and modulus framework supports differential timeframe analysis and confirmational bias.

Timeframes supported: 1 Second, 5 Seconds, 15 Seconds, 30 Seconds, 1 Minute, 5 Minutes, 15 Minutes, 30 Minutes, 45 Minutes, 1 Hour, 2 Hours, 3 Hours, 4 Hours, 6 Hours, 8 Hours, 12 Hours, 1 Day, and any custom timeframe TradingView supports.

The main indicatior and the confirmational indicator can both be individually tuned for the length of the Average True Range and smoothness lookback. When confirmation bias is enanled, the buy/sell signals are displayed appropriate to both charts. The ATR boundaries can be selected for when to trigger a signal independently of the primary and confirmation chart. On the chart, when it is visable, deeper reds are better buy signals. Deeper greens are better sell signals.

The Jackrabbit modulus framework is a plug in play paradigm built to operate through TradingView's indicator on indicatior (IoI) functionality. As such, this script receives a signal line from the previous script in the IoI chain, and evaluates the buy/sell signals appropriate to the current analysis. The results are either combined with the signal line, or used as confirmation to the signal line. A new signal line is generated for the next script in the link.

Buy/Sell alerts are produced, but this script is not designed or meant to function outside my framework. By default, the signal line is visible and the charts are turned off. Signal line visibility is controlled by the Style tab, and the charts display is controlled by the indicator settings tab.

This script is part of a subscription along with 20 other scripts that make up Jackrabbit TV. For more information, please visit my patreon site.

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