This script calculates the expected high and low prices for the current day based on the Average True Range (ATR) and displays the proportion of days where the daily range (high - low) is greater than or equal to the ATR. Additionally, the script provides an option to adjust the size of the text displayed in the top-right corner of the chart.
#### How It Works
1. **ATR Calculation**: The script calculates the ATR for a specified period (`atrPeriod`). ATR is a measure of volatility that represents the average range between the high and low prices over a specified number of periods. 2. **Expected High and Low Calculation**: - **Expected High**: Calculated by adding the ATR value to the low price of the current day. - **Expected Low**: Calculated by subtracting the ATR value from the high price of the current day. 3. **Proportion Calculation**: The script calculates the proportion of days where the daily range (high - low) is greater than or equal to the ATR value. This proportion is updated in real-time as new data comes in. 4. **Table Display**: Instead of displaying labels on each candle, the script shows the expected high, expected low, and the calculated proportion in a table located at the top-right corner of the chart. The size of the text in this table can be adjusted using the `Table Size` input. 5. **Color Coding**: The script changes the color of the bars to yellow if the daily range is greater than or equal to the ATR value, making it easy to identify these bars visually.
#### How to Use
- **ATR Period (`atrPeriod`)**: Adjust the period for the ATR calculation using the input parameter. The default value is 14. - **Table Size (`tableSizeOption`)**: Choose the size of the text displayed in the table. Options include `tiny`, `small`, `normal`, `large`, and `huge`. - **Expected High and Low**: Use the green and red lines to identify potential target prices or stop-loss levels for your trades. The green line represents the expected high, and the red line represents the expected low. - **Proportion**: The table in the top-right corner of the chart shows the proportion of days where the daily range is greater than or equal to the ATR value. This can provide insight into the volatility of the asset. - **Color Coding**: Yellow bars indicate days where the daily range is greater than or equal to the ATR value.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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