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

Parameters

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