DailyATR levels on 1 min chart starting from open price

[warrenmac]

Hi. Your indicators are AWESOME. I was wondering if there is an indicator that shows the Daily ATR levels as 2 lines but on all timeframes that adjust as the day goes? I havent been able to find this. But I only want the daily ATR levels. Is this possible?

 

[rlohmeyer]

Hi. Your indicators are AWESOME. I was wondering if there is an indicator that shows the Daily ATR levels as 2 lines but on all timeframes that adjust as the day goes? I havent been able to find this. But I only want the daily ATR levels. Is this possible?

I posted this in answer to another question. One of the indicators shows daily ATR levels in real time.

https://usethinkscript.com/threads/atr-risk-control-indicator-for-thinkorswim.6765/post-143424

Regards,
Bob

 

[warrenmac]

Hi Guys,

What I am really wanting is just the daily ATR to appear on my chart as 2 lines that adjust as day goes based on the Open price not the previous day close. so if the daily ATR for last 14 days is 5.50 id like that to display on any timeframe from opening price and adjust. I see some similar things but not this. Does anyone have a script for this? Thank you!

 

[rlohmeyer]

Hi Guys,

What I am really wanting is just the daily ATR to appear on my chart as 2 lines that adjust as day goes based on the Open price not the previous day close. so if the daily ATR for last 14 days is 5.50 id like that to display on any timeframe from opening price and adjust. I see some similar things but not this. Does anyone have a script for this? Thank you!

OK...how about this. Shows 3 min chart of NVDA with open, 14 day period of atr above and below open, and vwap. And here is the link to the chart: http://tos.mx/!l0MAhNx0

Regards,
Bob

 

[halcyonguy]

Hi Guys,

What I am really wanting is just the daily ATR to appear on my chart as 2 lines that adjust as day goes based on the Open price not the previous day close. so if the daily ATR for last 14 days is 5.50 id like that to display on any timeframe from opening price and adjust. I see some similar things but not this. Does anyone have a script for this? Thank you!

please elaborate, your request is incomplete.
atr is 1 number, much smaller than price. how are line(s) supposed to be drawn to represent it?

 

[XeoNoX]

Hi Guys,

What I am really wanting is just the daily ATR to appear on my chart as 2 lines that adjust as day goes based on the Open price not the previous day close. so if the daily ATR for last 14 days is 5.50 id like that to display on any timeframe from opening price and adjust. I see some similar things but not this. Does anyone have a script for this? Thank you!

you stated "

based on the Open price not the previous day close

you are missing quite a bit of information, but if i had to take a wild guess you want the 2 lines, one line showing atr added to the open and another line showing subtracted from the open? you are going to have to explain a bit more

assuming my assumption is what you want... then that brings me to my next question?
you want the opening price of the last bar on any intraday chart? (since you didnt specify what bar/time )

 

[warrenmac]

please elaborate, your request is incomplete.

So if the Daily ATR is 5.00 wherever the days price opens is where the 5 dollar spread starts and the lines adjust and maintain a 5.00 spread between until the price actually does get to a 5.00 gap in which case the lines stay there for rest of day because ATR was fulfilled. If price opened at 100.00 the 2 lines would be 102.50 and 97.50. From there the lines based on the high or low swing intraday. Like if it went up to 104 and is now going downtown the max bottom line would be 99.

 

[warrenmac]

I probably can't explain it right. I adjust it myself with lines as the day goes to see where max high or low might make that 5.00 spread true from difference between high and low. I guess I actually start 105 and 95 until market finds direction then I moves lines as prices goes . Sorry for the confusion I'm sure I'll never explain it right lol

 

[XeoNoX]

if you cant explain it, no one can code it. you still never answered my question as to what you mean by opening bar. which opening bar? every bar has a open.

 

[rlohmeyer]

@warrenmac

This may be what you are looking for: 14 period Atr, with todays open, and yesterdays ATR so that you can see whether todays price action is reaching yesterdays atr. Other wise, I give up.

PS: Yesterdays ATR is going to slightly different than Todays (at the end of the day) as you rotate in another day on a 14 period atr. I use a larger number of days as it gives me a more "averaged" result and less prone to dramatic changes based on one day alone.

Regards,
Bob

#ATR Lines##############################
def AP = AggregationPeriod.DAY;
plot D_Open = open(period = AP);
D_Open.SetDefaultColor(CreateColor(209, 255, 3));
D_Open.SetPaintingStrategy(PaintingStrategy.POINTS);
D_Open.SetLineWeight(2);
D_Open.HideTitle();

input AtrLngth = 14;
def tr = TrueRange (high(period = ap), close(period = ap), low(period = ap));
def AtrA = Round(ExpAverage(tr,  AtrLngth), 2);
def Atr = atra[1];

plot D_atru = open(period = AP)+ atr;
D_atru.SetDefaultColor(CreateColor(209, 255, 3));
D_atru.SetPaintingStrategy(PaintingStrategy.DASHES);
D_atru.SetLineWeight(3);
D_atru.HideTitle();

plot D_atrd = open(period = AP)- atr;
D_atrd.SetDefaultColor(CreateColor(209, 255, 3));
D_atrd.SetPaintingStrategy(PaintingStrategy.DASHES);
D_atrd.SetLineWeight(3);
D_atrd.HideTitle();

Addlabel(yes,"ATR_Length: " + ATRLngth +  "  ATR: " + atr,color.yellow);

 

[warrenmac]

Ok i have a better way to explain. 14 day ATR before the open of the day is what figure to be used for the current day. lets say it is 5.00. whatever the HOD is subtract 5 bucks from it and that will be the line. whatever low of day is add 5 bucks to it and that will be the upper line. the lines will keep self adjusting until the ATR is hit (if it gets there) at which point the lines dont move anymore. Does this make more sense? Sorry

 

[rlohmeyer]

Sorry,
Doesn't make sense to me. Maybe someone else can help.

Regards,
Bob

 

[warrenmac]

It's just whatever the 14 day ATR was before market open added to the low and subtracted from the high

Until the range is met at which point the lines don't adjust anymore

 

[rlohmeyer]

It's just whatever the 14 day ATR was before market open added to the low and subtracted from the high

Until the range is met at which point the lines don't adjust anymore

Sounds like you want to simply determine if the atr range has been met during the days action. You could do that simply by modifying the label so you can directly compare at a glance without referring to the chart whether todays range is equal to, less than, or greater and than the atr. Switch the following code for the one in the code above which would give you this visual comparison.

Addlabel(yes,"ATR_Length: " + ATRLngth + " ATR: " + atr + " TR: " + tr ,color.yellow);

 

[warrenmac]

Sounds like you want to simply determine if the atr range has been met during the days action. You could do that simply by modifying the label so you can directly compare at a glance without referring to the chart whether todays range is equal to, less than, or greater and than the atr. Switch the following code for the one in the code above which would give you this visual comparison.

Addlabel(yes,"ATR_Length: " + ATRLngth + " ATR: " + atr + " TR: " + tr ,color.yellow);

Well actually I like to see how much more room it has in the direction it's going if it were to keep trending intraday that direction. Also of course to see if atr has been hit already too. But off the days opening price not the previous days close. I've found it good to exclude the gap up or down and calculate the potential days range off high and low of day.

 

[rlohmeyer]

Well actually I like to see how much more room it has in the direction it's going if it were to keep trending intraday that direction. Also of course to see if atr has been hit already too. But off the days opening price not the previous days close. I've found it good to exclude the gap up or down and calculate the potential days range off high and low of day.

You are asking that the atr keep being added or subtracted from todays High or Low "as it develops". This doesn't make sense, since you are simply extending the atr artificially so that it is no longer representative of the atr. I believe what you mean is that the remainder of the atr as the price action evolves is either added to today's high or subtracted from today's low with the starting point being todays open, where they are both equidistant from the open. If price action continues to move toward the high, the atr line above the high would remain the same as the atr line below the low would move upward. When todays high reaches the atr line above, the calculations stop for both the higher atr line as well as the lower one.

If price moved upward from the open and never looked back, the lower atr line would actually stop around the open as the above atr line was reached by the high of the day.

I actually did this for the Average Daily Range for my intraday charts and did not find it useful as a trading tool, however that is just me. Some coders more proficient than myself could help code this more easily than I could and I am not oriented toward revisiting this indicator. If my restatement of what you mean coincides with what you want you could use that to seek assistance.

Regards,
Bob

 

[warrenmac]

You are asking that the atr keep being added or subtracted from todays High or Low "as it develops". This doesn't make sense, since you are simply extending the atr artificially so that it is no longer representative of the atr. I believe what you mean is that the remainder of the atr as the price action evolves is either added to today's high or subtracted from today's low with the starting point being todays open, where they are both equidistant from the open. If price action continues to move toward the high, the atr line above the high would remain the same as the atr line below the low would move upward. When todays high reaches the atr line above, the calculations stop for both the higher atr line as well as the lower one.

If price moved upward from the open and never looked back, the lower atr line would actually stop around the open as the above atr line was reached by the high of the day.

I actually did this for the Average Daily Range for my intraday charts and did not find it useful as a trading tool, however that is just me. Some coders more proficient than myself could help code this more easily than I could and I am not oriented toward revisiting this indicator. If my restatement of what you mean coincides with what you want you could use that to seek assistance.

Regards,
Bob

Hi. Yes! That's exactly what I'm wanting!

 

[rlohmeyer]

OK, good. Send this out as a request. Make sure you indicate the starting point is todays open, and the atr calc starts with the previous days trading range, NOT TODAY'S, plus the number of previous days you want so that the results are not skewed by todays minimal starting range (see my code for todays range).

Good luck

Bob

 

[warrenmac]

OK, good. Send this out as a request. Make sure you indicate the starting point is todays open, and the atr calc starts with the previous days trading range, NOT TODAY'S, plus the number of previous days you want so that the results are not skewed by todays minimal starting range (see my code for todays range).

Good luck

Bob

Thanks Bob, appreciate it. Hopefully someone will be able to do this for me. I'll make a post soon

 

[rlohmeyer]

Thanks Bob, appreciate it. Hopefully someone will be able to do this for me. I'll make a post soon

I had some time so I created what I presume you want. The caveat is that it is more logical to use the previous days close rather that the days open, since the atr takes that into account. In any event here is the code and 2 examples from todays trade for AAPL and GOOG on a 3 minute chart:

#Day Lines##############################
def AP = AggregationPeriod.DAY;
plot D_Open = open(period = AP);
D_Open.SetDefaultColor(color.yellow);
D_Open.SetPaintingStrategy(PaintingStrategy.POINTS);
D_Open.SetLineWeight(2);
D_Open.HideTitle();

plot D_High = high(period = AP);
D_High.SetDefaultColor(color.green);
D_High.SetPaintingStrategy(PaintingStrategy.POINTS);
D_High.SetLineWeight(2);
D_High.HideTitle();

plot D_Low = low(period = AP);
D_Low.SetDefaultColor(color.red);
D_Low.SetPaintingStrategy(PaintingStrategy.POINTS);
D_Low.SetLineWeight(2);
D_Low.HideTitle();

input AtrLngth = 14;
def tr = TrueRange (high(period = ap), close(period = ap), low(period = ap));
def AtrA = Round(ExpAverage(tr,  AtrLngth), 2);
def Atr = atra[1];
def uatr = high(period = AP)+ (atr-tr);
def datr = low(period = AP)- (atr-tr);

plot atru = (if uatr <= D_open then double.nan else uatr);
atru.SetDefaultColor(color.yellow);
atru.SetPaintingStrategy(PaintingStrategy.DASHES);
atru.SetLineWeight(3);
atru.HideTitle();

plot atrd = (if datr >= D_Open then double.nan else datr);
atrd.SetDefaultColor(color.yellow);
atrd.SetPaintingStrategy(PaintingStrategy.DASHES);
atrd.SetLineWeight(3);
atrd.HideTitle();

Addlabel(yes,"ATR_Length:" + ATRLngth + "  ATR: " + atr + "  TR: " + tr + "  Remainder: " + round((atr-tr),2),color.yellow);