Very Useful ATR Indi: Needs modification

Red Candles .. are candle that is either lower than 50% ATR or higher than 200% ATR. Using this indie it is very easy to compile D1 ADR/ATR statistic, needless to sday it works on other time frame too,

ADR/ATR statistic is extremely important to determine target profit and stop loss

I need functionality to set custom threshold for example 60% ATR and 100% ATR. Thx!!!

Something like this perhaps?

J.

Thx Mate

There is problem though.

1: ATR Line is too high above the bars, maybe due to scaling?
2: I entered 99 and 100 value and this makes almost all bars turn red.

Please see the attached image

Regards,
Andy

Works fine for me, see attached.
Of course they turn red, that is what you have asked it to do with 99/100

(Set to your ATR of 7 and get results as shown)

Don't understand what else you wish to change?

J

Hi Mate

Thank you for your speedy response ))

Please open the attached image . I marked candle bars that were able to reach 1 ATR(7) with magenta bars. Those candles were definetely reach 1 atr(7) because ATR(7) line was reached . Looking at the modified indie .. those same candle bars were unable to reach the atr(7) line

I guess the problem is caused by different scaler input, you use 2 , can you change it to 1? This is needed to get real ATR value


Thx!!!!!!

2 was what was used in original.
Now given the option to use your own scaler.
AtrScaler

HTH

J

You are the champ!!. Thx a million. According to my personal experience , D1 ATR is very important ... for target profit and SL. FOr example ... TP 1 should always be 0.75 D1 ATR(20) because it has 87.5 % chance of getting reached in a trending day. hx

Thx Mate, this tool now makes it very easy to compile ATR statistic easily.)))

Wish you all the best in your programming and trading career.

Regards,
Andy

Pleased it helped.

J.

Hi J! Can you code an indicator based on standart ATR on MT4? I need indicator that draw arrow (down arrow for bearish candle and up arrow for bullish one) on chart if there is candle's range bigger than ATRvalue multiplied by X (x is number of multiplier that we input)