OPEN-SOURCE SCRIPT
ER-Adaptive ATR Limit Channels w/ States [Loxx]
As simple as it gets, channels based on high, low and ATR distances, Shows possible short term support / resistance or can be used as a take profit/stop-loss in some trading systems. It does this by comparing high/low values of price to multiplied by a multiple of ATR to determine when the trend changes. States are included to change the sensitivity to trend changes. 1 is very sensitive, 3 is least sensitive.
This uses Loxx's Expanded Source Types. You can read about them here:
[Loxx]![Better Heiken-Ashi Candles w/ Expanded Source Types [Loxx]](https://s3.tradingview.com/a/AdBj6Sva_mid.png)
What is ER Adaptive ATR?
Average True Range (ATR) is widely used indicator in many occasions for technical analysis . It is calculated as the RMA of true range. This version adds a "twist": it uses Perry Kaufman's Efficiency Ratio to calculate adaptive true range
This uses Loxx's Expanded Source Types. You can read about them here:
[Loxx]
What is ER Adaptive ATR?
Average True Range (ATR) is widely used indicator in many occasions for technical analysis . It is calculated as the RMA of true range. This version adds a "twist": it uses Perry Kaufman's Efficiency Ratio to calculate adaptive true range
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