Average True Range

Average True Range

atr( length [, sym() | inv()] [, barIndex] )

The Average True Range (ATR) is a measure of volatility. It was introduced by Welles Wilder in his book New Concepts in Technical Trading Systems and has since been used as a component of many indicators and trading systems.

Wilder has found that the high ATR values often occur at market bottoms following a "panic" sell-off. Low ATR values are often found during extended sideways periods, such as those found at tops and after consolidation periods.

Parameters

To Create a Series

var myStudy = null;

var bInit = false;

function main() {

var myVar;

       if ( bInit == false ) {

               myStudy = atr( 12 );

               bInit = true;

       }

       //retrieve the current value

       myVar = myStudy.getValue(0);

       return( myVar );

}

To Retrieve a Single Value

function main() {

       ...

       ...

       myVar = atr( 7 );

       //do something with the value in myVar

}

Calling Examples

       //create a study that uses IBM as the symbol along with whatever bar

       //interval you are using in the chart where the script is loaded

       myStudy = atr( 50, sym( "IBM") );

       //create a study that uses the 15-min bar interval, regardless of the bar 

       //interval of the chart in which the script is loaded

       myStudy = atr( 10, inv(15) );

       //create a study that uses the Daily bar interval, regardless of the bar 

       //interval of the chart in which the script is loaded

       myStudy = atr( 10, inv("D") );

       //create a study that will be based on MSFT 30-min bars, regardless of

       //the symbol/bar interval of the chart in which the script is loaded.

       myStudy = atr( 15, sym( "MSFT,30" ) );

offsetSeries()