timwest

Average True Range %

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study(title="Average True Range %", shorttitle="ATR%", overlay=false)
length = input(14, minval=1)
plot(sma(tr*100/close[1], length), color=red)
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very interesting.. but how to have the code for RANGE MOVEMENT indicator. it seems to be interesting and more easy to follow?
thank you Tim!!
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timwest PRO aryahi29
If you select the chart and "make it mine" then you will see the code embedded in the chart.
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bludolphin to T West- I'm a newbie so I don't see how these ATR at the bottom help. Could you give brief explanation if you are not too busy please. Thanks
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timwest PRO bludolphin
ATR% is just a measurement of risk or volatility instead of just ATR measured in points.
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The thread here has mostly been about the "Range Movement" line and how to interpret it and how to trade from it. The ATR is just used to set an initial stop loss on the position to assist in creating your position size. You take a % of your account that you will risk on the trade, divide it by a multiple of the ATR (I recommend 3) and it will give you how much to trade. You can trail your stop by that or use other techniques, but at least it will give you the initial position size for your trade.
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I was looking at the RM oscillator and while its highly probably that I do not know how to use it. You said, that when RM hits a new high before the price does this it would be a long entry or change in trend.
I used it on the GDX chart and judge for yourself. I also added an A/D line for comparison. While the chart and a simple trendline shows a breakout on the upper side, the RM is still hanging down as a lower low.
snapshot
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ChrisMoody PRO sublimares2
I think Tim actually sleeps at night...unlike some of us...So we shall see...How'd you like that cool 3D looking indicator he coded though...clearly he has skills
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2use ChrisMoody
Im snatching it :D
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sublimares2 ChrisMoody
Maybe a 3C (C for colors) like in 3 colors looking indicator but not a 3D. Its just a simple 2D application.
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littleriver sublimares2
Hi sublimare, I too have been looking closely at Tim's Trend chart using RM and CCI. Here is how I see GDX using Tim's method. As I understand it, we are looking for new highs. At the same time we are looking for oversold conditions on CCI that are breaking up. These are our bullish opportunities. I used a daily chart for my example since I do not have access to 5 days . Not sure Tim's system even works on daily . How about it Tim? But looking at my chart one can see RM did make a new high while price did not just as Tim describes. So far we have had one false signal on this daily and one good one.
snapshot
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