This indicator highlights ATR(14) upticks (green) and downticks (red) and has the below application:
- If a new trend closing high (low) is made on a downtick in ATR, decreasing mode turns on
If you come across or think of any other useful scripts for the HG Scalpius system please comment below!
Links to 2 previous HG Scalpius scripts:
study(title="Average True Range", shorttitle="ATR", overlay=false)
length = input(title="Length", defval=14, minval=1)
smoothing = input(title="Smoothing", defval="RMA", options=)
ma_function(source, length) =>
if smoothing == "RMA"
if smoothing == "SMA"
if smoothing == "EMA"
ATR = ma_function( tr (true), length)
c = ATR >= ATR ? color.lime : color.red
plot(ATR, title = "ATR", color=c, transp=0)