Turtle ATR

This indicator was modified according to the 'Way Of The Turtle'. The ATR indicator can be used as a reference to set stop-loss or take-profit, and also can be used to confirm the daily price range (also applicable to other cycles).


Calculation

The true range value is calculated as follows:

  • TR = MAX(H-L, H-PDC, PDC-L)

Among them:

  • H = Highest price of the current bar
  • L = Lowest price of the current bar
  • PDC = Close price of the previous bar

The average true range in 'Way Of The Turtle' is calculated as follows:

  • ATR = ((period-1)*PDN+TR)/period

Among them:

  • PDN = ATR value of the previous bar
  • TR = True range value of the current bar

NOTE: We use the simple average value as the first ATR value.


Parameters

  • ATR Period - set the period of the ATR indicator, default value is 14.
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