OPEN-SOURCE SCRIPT
Updated Average True Range Multiplied (Volatility Stop)
Plots crosses above and below the current price giving you the ability to quickly set your stop loss (or the 1st profit target) depending on a custom variable by which the average true range is multiplied with the option to specify the length as well as the type of the moving average (RMA, SMA, EMA or WMA) that are taking into account.
Optionally, you can disable showing of the crosses on the chart and just let the indicator display the calculated value by itself.
Optionally, you can disable showing of the crosses on the chart and just let the indicator display the calculated value by itself.
Release Notes
The default multiplier value now set to 1.618.Release Notes
Fixed a bug with scaling on some charts.Release Notes
Removed the plot function for the calculated value as it messed up with the overall scale on futures charts.Release Notes
Now showing the actual ATRM value (next to the indicator title).
Open-source script
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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