DTR vs ATR Indicator for ThinkorSwim

[Shinthus]

Ever wonder how much "steam" is left in the day with a particular instrument? If you day trade, this tool helps you decide whether it's worth taking more trades or calling it a day. It shows Daily True Range versus the Average True Range as a % in the upper left corner. I typically don't trade after the DTR reaches 100% but sometimes I'll apply that rule flexibly.

Image for reference:

Indicator: http://tos.mx/Qimvmh

 

[roger80k]

Great Script Thank you for this post

 

[Shinthus]

Great Script Thank you for this post

Thanks, you're welcome!

 

[princesly]

Great script! Thanks for posting. I have seen stocks that move one direction towards a 100% ATR and still reverse and do the opposite sometimes after 12PM depending on what is going on. So my question is If the percentage recorded is over 100% doesn't that indicate some sort of reversal depending on what is going on with the stock? Since stocks moves in three directions, I am curious which direction you think a DTR that is over a 100% would favor? Or why is is not recommended to trade with a DTR that is above 100%?