Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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This script measures candle length and average true range (ATR). A break out occurs when a candle is larger than the given ATR value. You can choose to calculate length from wicks or from the body (open & close).
You can use this as trend direction indicator by following the last break out candle or open a position after a break out with a stop just above or below the candle. Enjoy!
I found this indicator to be a great secondary entry method where if it signals at the same time as my main entry indicator, I take profit at 1xATR as opposed to allowing my trade to run. Probably a bit different angle than what most people would use it for but this indi is a keeper for sure.
EvoCrypto
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@ShawJT, Thanks, happy to hear its use full for you :)
asif0kazi
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THIS IS ONE OF THE BEST INDICATOR WRITEN IT IS VERY USE FULL WHEN TRADE WITH THE DIRECTION OF THE TREND
ONLY A BREAK OUT TRADER WILL APPRECIATE THIS
THZ