What's the formula for this indicator?

Quoting moneymate8

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Hi,

I'm looking for the formula for this indicator or the name of this indictor (i forgot what they called it), but this is how the indicator works, as a new bar makes a new high or higher close, it will rise the value below the low of the bar, vice versa for new low bars, or something like that.

Thanks in advance.

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Quoting hanover

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MM8, I'm not quite sure what you're describing, but it might be some kind of ATR-based trailing stop, or a countback line (try a Google search on Daryl Guppy countback line).

Good luck,
David

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Quoting moneymate8

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Hi,

Hanover, yes, its called ATR, thanks.. i've forgot the name totally..

I'll look for the formula or indicator, but if you happens to find it first, can you post me the link here?

Thanks..

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Quoting hanover

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ATR is a default indicator in MT4, but you need to create your own indicator if you want to apply it to price (e.g. as a trailing stop).

Attached is an example that might help to get you started:

-- ATRperiod is the number of prior bars over which the ATR is calculated.
-- Factor simply widens the distance between price and the indicator, by mutiplying the ATR by the factor.

For more info on ATR, try my link to free web-based TA resources http://www.forexfactory.com/showthread.php?p=1810688, and do a search for "ATR" or "Average true range", at each site, as appropriate.

David

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Quoting hanover

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MM8, try some of the attached. Hope you find what you're looking for.

Good luck,
David

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