OPEN-SOURCE SCRIPT
MTF ATR Reversal Levels (Open Source)
This is an open source version of the original I posted a couple of years ago.... Multitple TimeFrame Swingarm system borrowing from the Blackflag FTS indicator.
This throws up 5 resolutions of ATR thresholds, only showing the current bar level using a horizontal line across the full chart. I don't like the historical information charted, just need to know the current level for my trading purposes.
It will also give Sell/Buy alerts when the closing price exceeds one of those thresholds... essentially confirmation of a trend reversal.
On the primary resolution (defaulted to the current timeframe of the chart) it can show the fibonacci reversal levels using the ATR levels for that time resolution. This is if for the current trend.
I find it useful, so I thought I would share. Like all indicators, it'll work as long as you stick with a system, and let it work. :)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
There is no market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
There is no market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.