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Mark
 Posted : Monday, July 5, 2010 3:57:57 PM
Registered User
Joined: 10/7/2004
Posts: 76
Could you show me a formula for a custom indicator for the 14 day ATR?
Bruce_L
 Posted : Tuesday, July 6, 2010 8:03:58 AM

Worden Trainer

Joined: 10/7/2004
Posts: 65,138
Average True Range is not one of TeleChart's built in indicators, but it can be created as a Custom Indicator. Please try the following for a 14-Period ATR:

Select Chart Template | Add Indicator | Indicator.
- Visible: Checked
- Center Zero Line: Checked
- Plot using price scale: Unchecked
- Smoothing Average: 27 (twice the ATR-Period minus one)
- Average Type: Exponential
- Indicator Formula: (H - L + ABS(H - C1) + ABS(L - C1)) / 2

You can adjust the Average True Range Period by changing the Smoothing Average in the Custom Indicator. For example, to plot a 20-Period ATR, just change the Smoothing Average to 39 (which equals (20 * 2) -1).

Please provide a description and PCF for calculating an ATR value to be used as a stop loss value
Plotting Custom Indicators with Examples
PCF Formula Descriptions
Handy PCF example formulas to help you learn the syntax of PCFs!

-Bruce
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