It was exactly what I was looking for, so decided to re-create it in TradingView. Enjoy!
( ) expresses the (ATR) indicator as a percentage of a bar’s closing price.
How this indicator works
- ATRP is used to measure just as the (ATR) indicator is. allows securities to be compared, where ATR does not.
- ATR measures at an absolute level, meaning lower priced stock will have lower ATR values than higher price stocks. displays the indicator as a percentage, to allow for securities trading at different prices per share to be compared.
= ( / Close) * 100
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.