StainGlass MATR
- Indicators
- Version: 1.0
Its primary motive is to overlay horizontal lines spaced according to multiples of the Average True Range (ATR), centered on a reference price from defined periods such as trading sessions, candlestick counts, or 12-hour intervals. This facilitates the identification of potential support and resistance levels or expected price ranges. Additionally, it marks major forex trading sessions (Sydney, Tokyo, London, and New York) with arrows to provide contextual awareness of market hours, enhancing decision-making in volatile environments.
### Parameters and Purposes
- **SelectState**: Specifies the mode for defining time periods used in grid calculation (State1: Based on previous trading sessions for major currency pairs like JPY, AUD, USD, GBP; State2: Based on a count of previous candlesticks; State3: Based on 12-hour intervals from AM to PM).
- **SelectGrid**: Determines the grid calculation method (currently limited to ATRMode, which uses Average True Range for spacing).
- **LookbackPeriod**: For State2, sets the number of previous candlesticks to consider when defining each period for grid placement.
- **lb_range_mltpr**: For State2, acts as a multiplier to expand or adjust the ATR value for determining grid line spacing.
- **Hour_**: For State3, defines the starting hour within the 12-hour cycle for period boundaries.
- **Minutes**: For State3, specifies the starting minute within the selected hour for period boundaries.
- **atr_period**: Sets the period (in bars or days, based on the selected timeframe) for calculating the Average True Range used in grid spacing.
- **atr_mult**: Serves as a multiplier to scale the ATR value, influencing the distance between grid lines.
- **atr_maxpips**: Establishes the maximum allowable pip range for the adjusted ATR value, capping the grid spacing to prevent excessive expansion.
- **atr_minpips**: Defines the minimum allowable pip range for the adjusted ATR value, ensuring a baseline grid spacing.
- **lines_count**: Determines the number of visible horizontal grid lines drawn above and below the central reference line.
- **lines_color**: Specifies the color of the grid lines for visual customization on the chart.
- **tf**: Selects the timeframe for ATR calculations, allowing alignment with the chart's period or a custom one.
- **ATRPeriod**: Defines an alternative period for ATR computation, primarily used in the indicator's display name but potentially for session-related calculations.
- **ATRMultiplier**: Provides an alternative multiplier for ATR expansion, used in the indicator's display name and possibly in supplementary volatility assessments.
- **LocalGMT**: Sets the offset between the local time zone and GMT, used for accurate alignment of trading session indicators.
- **BrokerGMT**: Specifies the offset between the broker's MT4 server time and GMT, ensuring correct timing for session markers.
