The Average True Range Bands indicator is a nifty tool that helps traders visualize the average range of price movements. It’s designed to plot bands based on the true average range, making it easier to spot potential price action.
Here’s a quick rundown of its inputs:
- ATR Period - This is the period used for calculating the Average True Range (ATR).
- Deviation - This sets the width of the bands channel, letting you adjust how tight or loose the bands are.
- Calculating Mode - You can choose how the ATR is calculated:
- Close - Uses the closing price to calculate the ATR.
- High/Low - Calculates ATR based on the high and low prices of the period.
- Show Deviation Line - An option to display a line indicating the deviation.
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