RC ATR Based Trendlines MT5
- Indicators
- Francisco Rayol
- Version: 1.0
This indicator is the converted Metatrader 5 version of the TradingView indicator "ATR Based Trendlines - JD" by Duyck.
This indicator works by automatically and continuously drawing trendlines not based exclusively on price, but also based on the volatility perceived by the ATR. So, the angle of the trendlines is determined by (a percentage of) the ATR.
The angle of the trendlines follows the change in price, dictated by the ATR at the moment where the pivot point is detected. The ATR percentage determines if the trendline follows the rate of change of the ATR or a fraction (value < 100) or a multiple (value > 100) of that.
Input parameters
- Lookback depth: Define how many candles to check the occurrence of pivots
- ATR target percentage: Set the sensitivity of the ATR effect in the direction of the trendline
- Draw lines from wicks or real bodies: Define whether the calculation of pivots and ATR should use real bodies or wicks
- Amount of trendlines on chart: Define how many trendlines with extended lines should remain on the chart
- Color for the uptrend lines: Set the colors for the uptrend lines
- Color for the downtrend lines: Set the colors for the downtrend lines
Disclaimer
By purchasing and using this indicator, users agree to indemnify and hold harmless its author from any and all claims, damages, losses, or liabilities arising from the use of the indicator. Trading and investing carry inherent risks, and users should carefully consider their financial situation and risk tolerance before using this indicator.
