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Monthly ATR Levels for Amibroker (AFL)

Rating:
5 / 5 (Votes 2)
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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Apply to EOD price chart - designed for stocks

_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();

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