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ATR+ Advanced Sessions ATR for Daterange

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ATR+ Advanced Sessions ATR for Daterange

The ATR+ adds the following additional filters to the stock ATR indicator by Tradingview:

- Calculates the overall average ATR for a user defined daterange, optionally filtered by trading session and selected weekdays, presented as a secondary line over the standard ATR line.
- Basic ATR line, with colour highlight to indicate the selected sessions, days and timeframe being calculated by the average ATR+ line.
- Average ATR+ line indicating the average of all ATRs within the defined timeframe, optionally filtered by instances of a selected trading session and selected weekdays.
- Customisable appearance.
- The ATR+ also includes the basic ATR configuration options typically found in the standard ATR by Tradingview, including period length and smoothing type. Defaults are set to the factory standards: 14 length, RMA smoothing type.


What Is the Average True Range (ATR)?

The ATR is a technical analysis tool that measures market volatility by decomposing the entire range asset price for that period. Investopedia describes the ATR as follows:

"The average true range (ATR) is a technical analysis indicator, introduced by market technician J. Welles Wilder Jr. in his book New Concepts in Technical Trading Systems, that measures market volatility by decomposing the entire range of an asset price for that period.

The true range indicator is taken as the greatest of the following: current high less the current low; the absolute value of the current high less the previous close; and the absolute value of the current low less the previous close. The ATR is then a moving average, generally using 14 days, of the true ranges."


For more information on the ATR and its calculations and use cases, see here:
Investopedia link here.
Tradingview link here.

Note
The indicator may time out if the number of bars being calculated is too long. If this happens, you will need to reduce the datetime range, or increase the chart timeframe in order to reduce the number of bars being calculated and the indicator will attempt to recalculate.
Release Notes:
- Added an optional colour coded label that can be shown in the panel to present the ATR+ value. Enabled by default.
- Updated screenshot

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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