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Looking for an ATR indicator for NT7
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Looking for an ATR indicator for NT7

  #1 (permalink)
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Looking for an ATR indicator for NT7

Hi,

I'm looking for a simple NT7 indicator that paints colors in the background based on the Average True Range, with changeable setting (i.e. if ATR>2, then paint the chart background green, etc.). I've tried to look for it on this website but still couldn't find it, not sure if it even exist.

I'd really appreciate it if someone knows where I can get this type of indicator. Thank you.

Lee

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  #2 (permalink)
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  #3 (permalink)
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Righteous7 View Post
Hi,

I'm looking for a simple NT7 indicator that paints colors in the background based on the Average True Range, with changeable setting (i.e. if ATR>2, then paint the chart background green, etc.). I've tried to look for it on this website but still couldn't find it, not sure if it even exist.

I'd really appreciate it if someone knows where I can get this type of indicator. Thank you.

Lee

Perhaps you'd be more successful if you'd post your request here:

https://futures.io/elite-circle/1261-want-your-ninjatrader-indicator-created-free-924.html

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #4 (permalink)
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Righteous7 View Post
Hi,

I'm looking for a simple NT7 indicator that paints colors in the background based on the Average True Range, with changeable setting (i.e. if ATR>2, then paint the chart background green, etc.). I've tried to look for it on this website but still couldn't find it, not sure if it even exist.

I'd really appreciate it if someone knows where I can get this type of indicator. Thank you.

Lee

Your request is not clear, as just defining an absolute level to check the ATR against, is not a proper way to produce background colors. Any color scheme should adapt to the instrument and timeframe, also see W. Eckkardt's consistency test.

There are numerous possibilities, for example:

-> you can use one color, when the ATR is increasing, another color when it is decreasing
-> you can define an absolute level as the max ATR over a longer lookback period (for example 100 bars) and then display the current ATR as a percentage of the max ATR and use different colors for the percentage channels
-> you can use a fast and a slow ATR and change the color when the fast ATR crosses the slow ATR

Further it is not clear, how you want to use the colors for your trading. Do you want to detect squeezes to trade breakouts? Do you want to use high levels of the ATR to exit trades?

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  #5 (permalink)
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Hi thank you all very much for your reply.

What I'm looking for is a very simple indicator that would help keep me out of a trade when the price is ranging.

For example, on a 5-minute CL candlestick chart, if the 14-period ATR is below 0.05, I want the background to be painted in a certain color so I wouldn't enter a trade.

In other word it's basically the same as the standard ATR indicator in NinjaTrader, except it won't draw a line, and has 2 more options/settings:
1) A number (such as 0.05) to compare the ATR with.
2) Paint the background in a certain color if the ATR falls below that number.

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Righteous7 View Post
Hi thank you all very much for your reply.

What I'm looking for is a very simple indicator that would help keep me out of a trade when the price is ranging.

For example, on a 5-minute CL candlestick chart, if the 14-period ATR is below 0.05, I want the background to be painted in a certain color so I wouldn't enter a trade.

In other word it's basically the same as the standard ATR indicator in NinjaTrader, except it won't draw a line, and has 2 more options/settings:
1) A number (such as 0.05) to compare the ATR with.
2) Paint the background in a certain color if the ATR falls below that number.

@Righteous7: What about using the BB Squeeze? The Squeeze basically compares the average true range (non-directional volatility, noise) to the standard deviation (directional volatility).

When directional volatility is low compared to noise, a consolidation area is detected.


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  #7 (permalink)
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Yeah I forgot to mention, the main reason why I prefer not to use BB squeeze or the standard ATR indicator is because I already am using several indicators that took up precious space on my monitor thus it'd be nice to have an indicator that doesn't require additional panel on the chart. Also, I think it's much easier to read if it's painted in the background of the main price chart.

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  #8 (permalink)
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Righteous7 View Post
Yeah I forgot to mention, the main reason why I prefer not to use BB squeeze or the standard ATR indicator is because I already am using several indicators that took up precious space on my monitor thus it'd be nice to have an indicator that doesn't require additional panel on the chart. Also, I think it's much easier to read if it's painted in the background of the main price chart.

It would be easy to modify the squeeze in a way that it does not use a second panel, but just paints the background of the chart. Can be done in a few minutes.

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  #9 (permalink)
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Hi Fat Tail,

Thanks for keeping an eye on this thread even during the holiday period. When you have time please go ahead and modify that BB squeeze indicator so it paints the background instead of displaying in another panel.

I, along with countless other traders, really can't thank you enough for your contribution and generosity, really appreciate it!

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  #10 (permalink)
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Righteous7 View Post
Hi Fat Tail,

Thanks for keeping an eye on this thread even during the holiday period. When you have time please go ahead and modify that BB squeeze indicator so it paints the background instead of displaying in another panel.

I, along with countless other traders, really can't thank you enough for your contribution and generosity, really appreciate it!

Here is a quick and dirty version that changes the backcolor of the chart, when the squeeze is on.

It has inherited the sound alerts from the original indicator. If you just want to use the sound alerts but do not want to color the background, just set the opacity of the backcolor to 0.

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