TS ATR Tools
The ATR Tools indicator is based on a very simple concept. Many price action traders would use ATR values to identify the amount of movement on the chart, to find their take profit targets or even put their stop lossed. Also, some price action systems, use ATR values to identify if a support or resistance zone belongs to a certain time frame or not, if a candle is moved enough in that time frame or not, if a trend has moved enough in a direction or is there still a chance for it to move move.
The way these traders use ATR, is by choosing a period for the indicator and then checking the indicator in many different time frames and in each time frame tracking the values for their analysis.
The very first part of this tool, is a multi time frame ATR panel. It will show main time frame values for two different periods on ATR, one being 14 (The default value) and one is 55. Why 55 ? Who cares ! The thing is that these people chose that number for period and When I was developing the code, I added it to the panel. Also, it's a very good number because it easily identifies the support and resistance zones based on the values.
The second part is the On Price Guides. These lines move with price and will show three different levels for take profit and stop loss. Most of the time when a trader would open a trade, he/she would prefer to put the stop loss on the first level at the other side of the position simply because the levels are logical when you look at waves.
The third part is even more interesting, the On Mouse Levels will draw the levels on the price and time right bellow the mouse cursor. When you turn this feature on, you can freely move your mouse around the chart and the levels will follow your mouse. This way you can easily do tons of analysis very fast. This part of the tool has 4 new level, two on top of the cursor and two bellow the cursor. These four additional levels are what I call Scalping Levels. They show very short term levels for positions or very tight places for stop losses.
The last part is the Click Toggle. When you are showing the mouse guide, with turning this feature on, you can place separate guides on the chart in history. These guides will stick to the time and price of clicking time and move with the chart. This is a very useful tool for following your positions and checking if they hit a take profit level or not.
The last part is the clear button. Clicking this button will delete all the levels you put by mouse click in chart history. This is a very easy and fast way to clean your chart and start a new analysis or a new follow up for a position in time and date.