ATR Pips [LazyBear] — Indicator by LazyBear

lazybear custom indicators atr pips forex averagetruerange

This is ATR in pips. This was requested by user @ElixiumCapital. ATRPIPs in his words:

"ATR PIPs is useful for finding markets with your desired amount of volatility, for example I prefer to trade forex pairs with the highest amount of volatility in the past 5 days, setting the length parameter to 5 days. And setting my stop loss at 25% to 33% of the the indicators value."

I have added options to show a BB around ATR, as well as normal ATR (not in PIPs). All the parameters are configurable.

List of my public indicators:
List of my app-store indicators:

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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.

Want to use this script on a chart?

//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
study("ATR Pips [LazyBear]", shorttitle="ATRPIPS_LB", overlay=false, precision=6)
length=input(20, title="ATR Length")
mult=input(0.7, title="Percentage Multiplier (for ex., 0.7 = 70%)", step=0.1, minval=0.1, maxval=1.0)
sb=input(true, title="Show Enclosing BB")
l = input(34, minval=1, title="Enclosing BB Length")
m = input(2.0, minval=1, maxval=50, title="Enclosing BB Multiplier")
oa=input(false, title="Show actual ATR")
p=mult*100
ii=syminfo.pointvalue==0
s=ii?na:oa?atr(length):floor(syminfo.pointvalue * mult * atr(length))
x=ii?(nz(x[1])+0.7)%3.0:na
plotshape(ii?x:na, style=shape.cross, color=red, text="Invalid", location=location.absolute, title="ErrorText")
basis = sb?sma(s, l):na
dev = sb?m * stdev(s, l):na
upper = sb ? (basis + dev) : na
lower = sb ? (basis - dev) : na
plot(upper, color=gray, linewidth=2, title="Upper")
plot(lower, color=gray, linewidth=2, title="Lower")
plot(basis, color=orange, linewidth=2, title="Middle")
plot(ii?na:s, color=blue, linewidth=2, title="ATR")