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[User Discussion] - Average True Range Indicator

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[2015-03-01 11:17:34] #1 [Go To First Post]
User54027 - Posts: 128
Hi Support, I work extensively with the ATR and wanted to ask you the following. The basic atr indicator simply tells me what the atr is for the specified time period. For example if the atr on the DJI is 200 points, well I know that the DJI has moved on average 200 points over the past 14 days on average. Whilst this is very useful the indicator does not make the practical implementation of this any easier. Is there not an atr indicator that would take that reading of say 200 points and plot levels automatically on the charts so that you could easily see at a glance how far price has moved in relation to its atr from the open. So for example if the DJI opened at 1000 and the atr was 200 points, it would be very useful to have an atr indicator that would plot say 50%, 75% and 100% of the atr as price levels on the chart. This might be lines drawn at 1100,1150 and 1200 showing the trader exactly where price was in relation to its average true range expected move. Many thanks for your help!

[2015-03-01 21:40:46] #2 [Go To First Post]
mkata - Posts: 103
I'm not sure if this is what you're looking for but if you haven't seen it already you might want to look at the Daily Range Bands. http://www.sierrachart.com/index.php?page=doc/doc_TechnicalStudiesReference.html#s349

[2015-03-02 00:44:57] #3 [Go To First Post]
Sawtooth - Posts: 3995
Use the Bands/Envelope study, set the Based On to the ATR study. If you only want the upper band, set the Draw Style of the Bottom Band to ignore.

[2018-04-10 11:24:15] #4 [Go To First Post]
Giamsterdam - Posts: 33
I'd be interested in something similar as well. ill attach a picture with an example. I'd like to show a ADR high and low horizontal line on the right side of the screen. P.s. I didnt write that about the alerts, Daily open and 50% on the picture, I grabbed that picture online. I'm only interested in the orange dotted line that says ADR High/ ADR Low


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[2018-05-13 17:16:38] #5 [Go To First Post]
User109710 - Posts: 21
Hi, Giasterdam4X I looking for the similiar setting like you, may I know the setting you work on?

[2018-05-17 19:30:04] #6 [Go To First Post]
Giamsterdam - Posts: 33
Here you go Add the Average Daily Range to your daily chart and overlay it to the destination chart where you want the lines Add the daily OHLC study with Reference back days on 0. Remember the Subgraph for the Daily Open Add the Spreadsheet Formula and fill in the ID and Subgraphs ID?.SG?+ID?.SG? for the ADR high (Daily Open+ADR) (technically you should be able to duplicate it but for some reason that didn't work with me) Add another Spreadsheet formula and replace the + with the - for the ADR low Tadaaa Cheers, Giacomo

[2018-05-19 16:49:04] #8 [Go To First Post]
Rassitude - Posts: 33
Hi Giamsterdam, thank you for your input... But do you think you could explain in much more details step by step as I can't replicate and not sure I am doing the right thing.. Date Time Of Last Edit: 2018-05-19 16:49:30

[2018-05-19 16:54:54] #9 [Go To First Post]
Giamsterdam - Posts: 33
What is it you don't understand so i can give a better answer

[2018-05-19 17:03:01] #10 [Go To First Post]
Rassitude - Posts: 33
OK so: 1. Add the Average Daily Range to your daily chart and overlay it to the destination chart where you want the lines: OK MAKES SENSE 2. Add the daily OHLC study with Reference back days on 0. Remember the Subgraph for the Daily Open: NOT SURE. ARE YOU TALKING ABOUT "PERIOD OHLC -VARIABLE PERIOD? What is "Reference back days"? What do you mean by "Remember the Subgraph fr the Daily Open"? 3. Add the Spreadsheet Formula and fill in the ID and Subgraphs ID?.SG?+ID?.SG? for the ADR high (Daily Open+ADR): Very very lost here..! (technically you should be able to duplicate it but for some reason that didn't work with me) 4. Add another Spreadsheet formula and replace the + with the - for the ADR low: As per above Super lost Many thanks for yor help!!!!!!!!!!!!

[2018-05-20 15:49:17] #11 [Go To First Post]
Rassitude - Posts: 33
In fact what I am trying to do is simply to have a % completed in termes of ATR for the current day. So if ATR or ADR is 100 and current Range is 70, 70% of ATR is achieved so far, which statistically means that there is a potential 30% still to go from current high/low. Nothing scientific here, just a rough guide based on stats for potential to go based on history.

[2018-05-27 06:26:35] #12 [Go To First Post]
Rassitude - Posts: 33
Giamsterdam4x, would you be able to detail how you do what you do in post 6 please? Much appreciated, thanks heaps

[2018-05-27 17:32:47] #13 [Go To First Post]
Giamsterdam - Posts: 33
Sorry for the delay mate. my inbox is a mess. 2. In the Daily OHLC in the inputs the 3rd from the top you see refernce back days. put that value on 0 (you want the ADR to calculate from the daily open and not yesterdays open.) 3-4 The spreadsheet formula is a study. in the first input you can put the formula as stated above. (you need to know the ID of the studies (ADR+Daily OHLC) and the Subgraph of the daily open. hope this helps.

[2021-09-05 13:45:34] #14 [Go To First Post]
User709589 - Posts: 2
Hi, on searching for the ATR daily levels with alerts etc, I found your post. I have also found exactly what you are looking for on Sierra Charts, yet it is paid for from a third party hahn-tech.com and the video is on youtube, https://www.youtube.com/watch?v=tiTRH4ART8E&t=973s The problem is however it does cost $311 :(

[2021-09-05 13:46:34] #15 [Go To First Post]
User709589 - Posts: 2
If anyone has found an alternative please let me know.

[2024-01-08 12:53:54] #17 [Go To First Post]
User785258 - Posts: 5
Note: Indicators are called Studies on the Sierra Chart platform. *** I agree with you Average Ranges are invaluable for trading. I use Average Ranges instead of ATR (see my notes below). May I suggest you make contact with Geoff at: https://www.twofoxtrading.co.uk. Geoff developed a custom study for me called - Multi Period Average Range Levels. His prices are very reasonable, and he may be able to offer you a trail period. The study can calculate Average Ranges or Average True Ranges, and draw these levels on a graph. There are Monthly, Weekly, Daily, and five (5) Session settings, and a data display table. One can have up to 20 levels drawn (10 positive, and 10 negative). Below is an image of the study on a chart: https://www.sierrachart.com/image.php?Image=1704717892114.png Hope it helps, Ben.


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[2024-04-21 04:53:31] #18 [Go To First Post]
livetotrade - Posts: 12
Hi, on searching for the ATR daily levels with alerts etc, I found your post. I have also found exactly what you are looking for on Sierra Charts, yet it is paid for from a third party hahn-tech.com and the video is on youtube, https://www.youtube.com/watch?v=tiTRH4ART8E&t=973s The problem is however it does cost $311 :( Hi wondering if you find something like this? i'm interested as well. Thanks

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