< Pine Algo /> - ATR Type

< Pine Algo />

ATR Type All-In-One Trading Tool Indicator

What is ATR ?

Average True Range (ATR) is the average of true ranges over the specified period. ATR measures volatility, taking into account any gaps in the price movement.
An expanding ATR indicates increased volatility in the market, with the range of each bar getting larger. A reversal in price with an increase in ATR would indicate strength behind that move. ATR is not directional so an expanding ATR can indicate selling pressure or buying pressure. High ATR values usually result from a sharp advance or decline and are unlikely to be sustained for extended periods.
A low ATR value indicates a series of periods with small ranges (quiet days). These low ATR values are found during extended sideways price action, thus the lower volatility. A prolonged period of low ATR values may indicate a consolidation area and the possibility of a continuation move or reversal.
ATR is very useful for stops or entry triggers, signaling changes in volatility. Whereas fixed point or percentage stops will not allow for volatility, the ATR stop will adapt to sharp price moves or consolidation areas, which can trigger an abnormal price movement in either direction. Use a multiple of ATR, such as 1.5 x ATR, to catch these abnormal price moves.

Features of ATR AIO Trading Tool

List of popular ATR indicators from TradingView

Supertrend
UT Bot
Halftrend

Variables of indicator

Change source to close, open, high, low, hl2, hlc3, ohlc4, hlcc4
Enable and disable double indicator
Change length and multiplier of single and/or double indicator
Double indicator : When both indicator are green take long entry and exit on red of any indicator; when both indicator are in red take short entry and exit on green of any indicator
Take signals from heikin-ashi without changing from normal candle to heikin-ashi candles which removes the clutter of false signals and reduce the overall numbers of trades which may improve the profitability. This facility remove the overcalculation or over estimation of backtest. It is also recommended always click on "Using standard OHLC" in at last or property tab of indicator.
Enable change ATR calculation method suggested by author "KivancOzbilzic".

SL, TSL and Target settings

Set target Type: Off, Points, Percentage
Set SL Type: Off, Points, Percentage
Trail SL : Enabel trailing SL
Trail SL trigger after set points : if 60 point set, so after entry (46000) TSL will trigger when price reach on (46000 +60 = 46060)and TSL will start from Entry (if selected trail starts from : "From Entry") and from SL (if selected trail starts from : "From SL"), From SL selection it is necessary to keep stoploss type as points or percentage.
TSL (from entry): trail SL trigger after point (e.g. 60) from entry to the highest high(for long entry) and lowest low (for short entry) after entry candle. If last high is 130 means your TSL at 70 points.
TSL (from SL) : If SL is 30 points and set TSL point 60 that means after 60 points it will trigger and TSL starts from SL and keep distance (60+30 = 90) from Higher-high (long entry) and Lower-low (for short entry).
Plot Target/SL : Enable the Entry, SL, TSL plotting line.

Trade direction

Trade direction option allowed to trade in "Only Long" (takes only long orders and skip short orders); "Only Short" (takes only short orders and skip long orders); "Both" (take both long and short orders)

Backtest Range

Backtest date filter allowed to to check strategy result for desired backtest date range. Strategy results may be limited to some date due to TradingView limitations of certain numbers of candles in history as well as limitation on number of labels. So date range could vary depending timeframe. Lower timeframe leads to lower range of backtest range and higher timeframe leads to higher timeframe range.

Monthly Performance Table

Monthly performance enable the monthly performance table on chart. Strategy results splits up in according to month and also give yearly total. To get perfect percentage of PnL set initial capital in property tabs. Also set number of contracts in future and equity. However to count option Pnl on spot chart you need to set 1 contract. And multiply the net PnL in Strategy tester with Lot size (15 for bank nifty) and also multiply with 0.4 to 0.5 (delta for ATM) to get approx. PnL for options (100 points * 15 lot size *0.5 ATM delta = Rs. 700 Approx.).
You can also change the location, size and appearance of monthly performance table from input tab.

.......BASIC......

Rs. 1,000/- Per Month

Rs. 10,000/- (12000)Per Year

Indicators: Supertrend, UT Bot, Halftrend

Double: apply indicator in double variables e.g. Double supertrend

Heikin-ashi: take signals from heikin-ashi candles on normal candle-stick

Change Source: Change Source for ATR calculation : close, open, high, low, hl2, hlc3, ohlc4, hlcc4

ATR Calc: Change ATR calculation method

Date Filter: Set date filter for particular backtest date range

Target: Set Target in Points and Percentage with on/off features

Stop Loss: Set SL in Points and Percentage with on/off features

Trailing Stop Loss: Set TSL trigger after certain Points and TSL starts from ENTRY level STOP-LOSS levels with on/off features

Plot Target, SL, TSL: Enable the plotting of Entry, Target, SL and TSL line

Trade direction: Enable Both, Long Only, Short Only trades

Trade Time : Set Trade and square-off time for trading

Monthly Performance : Show the table of PnL month wise and yearly

Trade Mode : Enable the movable drag and drop Purple Vertical line which remove the signals from left side and avoid the any exit signal of the previous entry trade

.......PRO.......

Coming Soon

Wait and keep Patience

All features of Basic included

Entry Confirmation : Confirm the entry by other indicators (having variables) including CCI, RSI, ADX, MACD, MA, Stochastic, Awesome Oscillator, Velocity, Acceleration, Momentum, Money Flow Index, On balance Volume etc.

.....ADVANCED.....

Coming Soon

Wait and keep Patience

All features of Pro included

Target: Set Multiple targets in Points, Percentage, ATR, Risk: Reward Ratio

Exit Quantity: Set the percentage of exit quantity for every target

STOP-LOSS: Set SL in Points, Percentage, ATR, Pivots and ATR when pivots

Trailing Stop Loss: Set Dynamic TSL where TSL can be shifted at Entry level, Target-1, target-2,_.., Target-5 when target-1, 2.....6 is completed respectively

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