Multiple ATR Lines with Current Price Percentage

3 oct

This indicator plots multiple lines based on the Average True Range (ATR) on the chart, helping traders identify potential support and resistance levels. Specifically, it draws three lines above the price and three lines below the price at different multiples of the ATR. Additionally, it plots a dynamic line at the current price level, which shows how much percentage of the ATR the current price has traveled from a specific point.

How it works:

ATR-Based Lines: The indicator calculates three upper and three lower levels based on the ATR of the selected period. These levels represent 1x, 2x, and 3x ATR above and below the current price.
Current Price Line: A dotted line follows the current price, displaying the percentage of the ATR that the price has moved.
Labels: Each line is labeled with its respective ATR multiple (1x ATR, 2x ATR, 3x ATR), and the current price line shows the percentage of the ATR traveled.
Use Cases:

Identifying Market Volatility: Traders can use this indicator to see how far the price has moved relative to its average volatility.
Support and Resistance Levels: The ATR lines can be treated as potential support and resistance zones, providing insight into price targets or stop-loss placement.
Dynamic Tracking: The percentage of ATR traveled helps traders understand the market momentum relative to its historical volatility.
Settings:

ATR Length: The user can adjust the length of the ATR calculation period.
ATR Multiplier: A multiplier to adjust the distance of the lines relative to the ATR.
Advantages:

Clear visualization of market volatility through ATR-based levels.
Real-time tracking of the price’s movement relative to ATR, giving traders a better understanding of price action.
Customizable settings for different trading styles.