[TTI] Jon Tr3ndy ATR Label

16 ago 2023

📜 ––––HISTORY & CREDITS––––
The [TTI] Jon Tr3ndy ATR Label is another creation inspired by Tr3ndy Jon (Jonathan McKeever,) and his Supply and Demand System. Building on the legacy of our premium scripts Tr3ndy Bands, Tr3ndy Edges, Tr3ndy LIS and the Tr3ndy PMZ, this script brings the power of the Average True Range (ATR) to your fingertips, but with a Tr3ndy twist.

🦄––––CALCULATIONS––––
The indicator uses different calculations methods to determine (Average True Range) ATR for the stock. The available calculation are:
👉 Exponential Moving Average EMA,
👉 Simple Moving Average SMA,
👉 Relative Moving Average RMA,
👉 Weighted Moving Average WMA.

The available timeframes are:
👉 Daily D
👉 Weekly W
👉 Monthly M

When you hoover with the mouse above the label, you will see what type of calculation you have chosen.

🎯 ––––WHAT IT DOES––––
The Jon Tr3ndy ATR Label is designed to dynamically calculate and display the Average True Range (ATR) of the asset directly on your chart for any of the chosen timeframes (e.g. show Weekly ATR on a Daily chart).

It can be used on equities, forex, crypto and many more. ATR is a volatility indicator that measures the degree of price volatility. This script allows users to select between daily, weekly, or monthly ATR calculations and offers a choice of four averaging methods: EMA, SMA, RMA, and WMA. The resulting ATR value is then presented as an easily readable label on your chart, ensuring you're always informed about the market's volatility.

🛠️ ––––HOW TO USE IT––––

• ATR Length: Set the desired period for the ATR calculation.
  
• Average Type: Choose your preferred averaging method from EMA, SMA, RMA, or WMA.
  
• Day Period: Select the desired time frame for the ATR calculation: Daily (D), Weekly (W), or Monthly (M).
  
• Label Position: Adjust the position of the ATR label on your chart using the 'Panel Position' and 'Text Size' options.
  
• Banner: Toggle the 'Banner' option to display the ATR label as a banner on your chart.
  
• Interpreting the ATR Label: A higher ATR value indicates greater volatility, while a lower ATR suggests less volatility. Use this information in conjunction with other indicators and analysis techniques to make informed trading decisions.