ATR Indicator wanted please (not the default one w MT4)

Hi people,

Wondering if anyone out there has an indicator or would be willing to help program a simple one for ATR that allows you to select the number of days range, weeks range and months range.
This should be displayed as a number at the corner of the screen (top right).

I know a prop in a bank who trades this w daily weekly monthly pivots.
His method is v simple, when price tanks to bottom of ATR (he has lines. he takes e opening of e week - x weeks ATR) + near respective pivots he goes long the MAs begin to move up. Uses it as an overbought/oversold indicator
Not sure what MAs he uses, but yep. It's a sound way of trading with the odds in your favour.

Would appreciate if someone could share/program one please!

Thank you
Cyrus

You could use the MTF_ATR indicator. It wont put them in the corner all pretty for you but will do the job.

You can either add all 3 to the same window or to 3 diff windows and shrink them up to just show the text.

Look into keltner bands. They're not entirely what you're describing, but they are bands based on ATR. Use the search feature up top, there are several posted here. Keltners are widely used in trading as a way of judging momentum, if price is trading outside of the bands it's had to get there somewhere... ie: there's motion in the markets. It's basically a mean regression trade.

I have tested similar strategies for an intra-day basis (using hourly, M15 and M5) and they do infact work, as long as you're only trading during certain time frames and keeping context in mind. I've found the previous day's high and low work also very well for this, any time you're dealing with a normal or range expansion day atleast. If you're dealing with a trend day you'll have to buy/sell on the breakout, so make sure you're not just picking tops/bottoms. I use stochs rather than MA turns as confirmation, but it's all the same.

Thanks for the input guys. Much appreciated.
Esp for e indicators traderjai_inhi.

I've been thinking about longer term strategies which require lower maintainence lately (cause I'm not born into a loaded family and have a day job to work. =P)

Was reading about opening range weekly breakout systems.
I hear it's been working at least the past 30 yrs.

In a nutshell around 1pm ET, 50 tick stop to enter orders OCO on all majors.
T/P at the end of the week on friday.
I would personally keep a wide trailing stop of 100ticks.

This dude uses such a concept
http://infiniteyieldforex.blogspot.com/

I'm wondering how to adjust this for volatility. Again, thinking of using ATR, know that richard dennis did it for his trading...

Hope the link and ideas help. =)
Looking fwd to hearing everyone's input

traderjai_inhi:

Silly question. What are the settings for "timeframe" in the MTF ATR?
As in, how do you get daily, weekly ATRs?

Thanks for e input

You have to use minutes for the input. so daily is 1440. If you open the indicator in meta editor it should tell you what the others are.

guys I'm looking for something similar as indicated in this thread and this one here.

i would like to project the days range and mark the 50, 75 and 100% levels with a small horizontal line just for that days price action

anybody know of such an indicator ?