💡 Objective This script is a rebuild of the pre-existing ATR indicator, with improvements and fine-tuning.
🪄Improvements
1. Normalization option (range 0 to 100)
2. Optional calculation of the ratio between current volatility and average volatility
3. Optional smoothing
4. Show a moving average
5. Show Bollinger Bands with 3 bands
6. Change bar colors according to ATR and Bollinger Bands
📚 Definition
'The Average True Range (ATR) is a tool used in technical analysis to measure volatility. Unlike many of today's popular indicators, the ATR is not used to indicate the direction of price. Rather, it is a metric used solely to measure volatility, especially volatility caused by price gaps or limit moves.' (TradingView)
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 publications is governed by House rules. يمكنك جعله مفضلاً لاستخدامه على الرسم البياني.
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