True Range with Context Bands
This is a very simple script which puts current price action magnituted into a larger context.
Red is true range of the current candle.
Blue is Average True Range x1, x2, x3
The idea is to use this to filter out too weak price action signals by taking only above average ones.
Red is true range of the current candle.
Blue is Average True Range x1, x2, x3
The idea is to use this to filter out too weak price action signals by taking only above average ones.
Versionsinformation:
Added an option to set up an alert when a certain threshold is crossed in selected direction. It will fire a custom message and after setting it up, it will always show an arrow on your chart to remind you of that direction.