OPEN-SOURCE SCRIPT
DTR vs ATR
Updated
This script shows DTR vs ATR (Today's True Range vs 14 days Avg True Range) along with percentage. The label automatically changes color based on percent value. <=70 is GREEN, >=90 is RED and between 70 & 90 is ORANGE.
The location of the script not stick to one place. There is no such a functionality to keep it static at one location (like top right corner). But I think that feature is coming soon. I may be wrong.
The location of the script not stick to one place. There is no such a functionality to keep it static at one location (like top right corner). But I think that feature is coming soon. I may be wrong.
Release Notes
This script shows DTR vs ATR (Today's True Range vs 14 days Avg True Range) along with percentage. The label automatically changes color based on percent value. <=70 is GREEN, >=90 is RED and between 70 & 90 is ORANGE.The location of the label won't stick at one place. There is no such a functionality to keep it static at one location (like top right corner) currently. But I think that feature is coming soon. I may be wrong. Currently the label will be located top of the chart (y-axis) and numbers of bars left or right (x-axis) depending on input value. By default 5 bars left from last bar.
Release Notes
Fixed an issue where if we have a Heikin Ashi chart (or Renko, Kagi, PriceBreak etc), daily high/low were not calculated based on real OHLC. Release Notes
Modified the script to allow folks to choose whether they want ATR smoothed based off of EMA, SMA, RMA or WMA. But you will have to modify the script. I have added comment above the specific line so that you can modify the script. There is no option add a input / drop-down menu since I calculate ATR based on Daily candles and also this script is modified to work with other candlestick charts like Heikin Ashi. There is a limitation that you cannot have "security" function under 'if' condition Release Notes
Little update to choose Smoothing Type (have to edit the script). Release Notes
Now added option to choose smoothing from drop-down menu. EnjoyRelease Notes
Another little update. Release Notes
Updating some notes and removing unwanted linesRelease Notes
Updating function and cleaning stuffRelease Notes
Per request from my followers, I have updated this script so that you can choose location of the table and text size. In addition to that, you can enable/disable table title. Here is the supported text size: "auto", "tiny", "small", "normal", "large", "huge"
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.
Disclaimer
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