It can be use to adapt your trading in high and low periods of market , determine reasonable target or take profit, entry at likely mean reversion, stop loss beyond normal flows etc...
More on the script behavior:
- Daily ATR upper/lower levels are applied on the current day low/high;
- The ATR value is defined by the last D1 bar;
- Shows up to D1 timeframe;
- Configuration for the indicator's period (default: 20 period ATR);
- Configuration for plotting the indicator on the the x axis with an offset/at begining of the day (default: offset);
- enable switching daily ATR values between yesterday-today;
- allow styling of levels at default and overflow states;
- change display values from fixed to rounded numbers;
Get access to them via: https://www.patreon.com/sbtnc
The ATR may be static but not the levels. For example the upper level is calculated by applying the ATR on the curent day's low, so whenever a new low is made the upper level updates consequently (same goes with the lower level on new daily high).