First, the ATL is calculated and plotted. Then, we measure the distance from ATL and current bar close.
Two labels are plotted :
- ATL label
- Current close label with rise and rise
It can be useful for penny stocks trading when you want to buy lows but must see how much the price rose last bars to improve entries.
For example, SQBG is actually "only" at x 1.85 from ATL (not an advice in investment) :
If you have ideas to complete or improve this script, let me know in comments ;)
- Changed layout of ATL from 0 (value) to ATL : value
- Added the option "No background label"
- Add a box to tick if you get script error (too much bars back)
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.