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I would like to trade a stock pair based on its ATR move of the day. In ThinkOrSwim, there is an "AverageTrueRange" study, however the numbers that it shows are incomprehensible to me. Consider ACE - Cb pair. The ATR(5-day) is something like 0.85, right now as I look at the ATR(5) study shows 0.23. further it has a range in the day of 0.189 to 0.42.
It makes more sense if this is a measure of the price-(yesterday's)close or close-price, but ATR is the greater of close-low, hi-close, and hi-lo. I've tried changing the period from 5 to 21, etc., but it makes little difference.
What I want is to know the (recent) ATR for the pair - so that I can tell how far the price has moved today compared to the ATR.
Help!
Can you help answer these questions from other members on NexusFi?