ATR Bands Alert
- Indicators
- Vladimir Karputov
- Version: 1.1
- Updated: 25 April 2024
- Activations: 5
ATR Bands Alert is a channel indicator where the channel width is calculated as a constant multiplier ("Multiplier") and the value of the "Average True Range" indicator. Unlike Bollinger Bands, the bandwidth is not changed so often – in the ATR Bands Alert indicator, the bands often have long straight lines.
The interpretation of the ATR Bands Alert is based on the fact that the price is inside the bands for most of the time, and if the price reaches one of the boundaries, it may indicate a trend change.
The features of this indicator include:
If prices go beyond the band, we should expect the continuation of the trend towards a breakout.
The indicator uses the DRAW_COLOR_BARS style – colored bars (please not to be confused with colored candlesticks). Therefore, it is advisable to switch the chart to the bar display mode.
In case of a trend reversal, the indicator displays arrow buy or arrow sell. The code for these arrows can be set in the "Buy Arrow code" and "Sell Arrow code" parameters, respectively. The arrow code is taken from the font "Wingdings".
It is also possible to connect alerts in case of a trend: it is possible to include a sound file, Alert, email, or push to a mobile terminal.