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Monthly ATR Levels for Amibroker (AFL)
Rating:
5 / 5 (Votes 4)
Tags:
amibroker afl atr
Monthly calculated ATR Levels for swing trading on EOD.
- levels provide a good indicator where a market is overbought or oversold (when crossing the levels) or as a good S/R levels
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Indicator / Formula
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_SECTION_BEGIN("ATR Levels");
iATRPeriod = Param("ATRPeriod", 4, 1, 10, 1);
dATRLevel = Param("ATRLevel", 1, 0.25, 2, 0.25);
TimeFrameSet(inMonthly); // go to monthly chart
monthATR = Ref(ATR(iATRPeriod), 0); // ATR value
monthClose = Ref(Close, 0); // close of last month
TimeFrameRestore(); // go back to origin timeframe
ATRM_S1 = MonthClose - dATRLevel * monthATR;
ATRM_R1 = MonthClose + dATRLevel * monthATR;
expCloseM = TimeFrameExpand(monthClose, inMonthly, expandLast);
Plot(expCloseM, "ATR Month Middle", colorLightBlue, styleLine );
expATRM_S1 = TimeFrameExpand(ATRM_S1, inMonthly, expandLast);
Plot(expATRM_S1, "ATR Month Support", colorGreen, styleDashed );
expATRM_R1 = TimeFrameExpand(ATRM_R1, inMonthly, expandLast);
Plot(expATRM_R1, "ATR Month Resistance", colorRed, styleDashed );
_SECTION_END();0 comments
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