Registered User
Joined: 10/18/2008
Posts: 260
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Hi Bruce,
Is there a way to plot ATR bands on the chart around the 21 EMA? like 1 ATR above and below, 2 ATR above and below to 4 ATRs.
Thanks
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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This is pretty much what Keltner Channels are supposed to do. The only really difference is that the moving average is of (H + L + C) / 3 instead of just being of C. You would change the period to 21 and plot the indicator more than once to have multiple bands.
If you want the moving average to be of the close instead, you could use a Custom PCF Channel Indicator.
Period: 21
Average Type: Exponential
Width Multiplier: Adjust as desired (1.00 would be one ATR, 4.00 would be four ATR)
Indicator Line Formula: C
Channel Width Formula: ATR
-Bruce
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