ATR bands

[bkout]

On my 15 min chart I would like to plot bands with the values:
Close of bar + 3*(60 bar ATR)
Close of bar - 3*(60 bar ATR)
These would be used as visual guides for stops. There seems to be enough interest in ATR stops that I woudl think somehting close to this exists but I couldn't find it. Since I don't know code I will have to do this with the wizard or by importing a script. Can you help please?

[walter79]

Are you searching something like this? If you want i can give you the indicator. I used the ATR bands for some time but then switched to bollinger bands because it gives you the same results and adapts to the market movements a little bit better.

http://i41.tinypic.com/2ir9k3m.jpg

[Harry]

On my 15 min chart I would like to plot bands with the values:
Close of bar + 3*(60 bar ATR)
Close of bar - 3*(60 bar ATR)
These would be used as visual guides for stops. There seems to be enough interest in ATR stops that I woudl think somehting close to this exists but I couldn't find it. Since I don't know code I will have to do this with the wizard or by importing a script. Can you help please?

If you look at a standard Keltner Channel, it has a simple moving average with a period of 10 and the bands are calculated by adding and subtracting a 1.5 multiple of the 10-period simple range.

What you look for, is a modified Keltner Channel:

-> take moving average with a period of 1 (this is the close)
-> use the average true range instead of the simple range
-> use a period of 60 for the average true range

The average true range as defined by Welles Wilder uses an exponential moving average with a smoothing constant of 1/N. An EMA has a smoothing constant of 2/(N+1), therfore

ATR(60) = EMA (TR, 119)

or otherwise put, an EMA(119) of the true range is identical to the ATR(60).

There is an indicator that comes close to what you look for, which is the Universal Keltner Channel. The only difference with respect to your specifications is that the Universal Keltner does not use the close but the median = (high + low)/2.

The indicator can be found here, a chart is attached.

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/625-download.html?view

[Harry]

Another choice would be the SuperTrendU11, which is based on a moving median or moving average. An offset is added above or below, where the offset can be calculated as the multiple of the average true range.

Unlike simple channels, this indicator works both as a trendfilter and as a trailing stop. The channel is only one-sided and will not move against the trend.

The indicator can be found here:

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/1207-download.html?view

[bkout]

Are you searching something like this? If you want i can give you the indicator. I used the ATR bands for some time but then switched to bollinger bands because it gives you the same results and adapts to the market movements a little bit better.

http://i41.tinypic.com/2ir9k3m.jpg

Thanks for responding Walter. Yes that looks like it's in the ballpark. I'm guessing that it just needs an offset in order to make it appear to respond more quickly to a price move. Here are the bands I want that I created on a StrategyDesk chart. Note the way the bands are always above or below the close of the bar so price never crosses. The stop is created by noting the value of the band at the time of entry and dragging a horizontal line to that level. http://screencast.com/t/QuBQbOWC
Please do post your indicator or PM me. I hope I can do the offset without coding?

[bkout]

Thanks Harry -- I'll look at those

[walter79]

Thanks for responding Walter. Yes that looks like it's in the ballpark. I'm guessing that it just needs an offset in order to make it appear to respond more quickly to a price move. Here are the bands I want that I created on a StrategyDesk chart. Note the way the bands are always above or below the close of the bar so price never crosses. The stop is created by noting the value of the band at the time of entry and dragging a horizontal line to that level. http://screencast.com/t/QuBQbOWC
Please do post your indicator or PM me. I hope I can do the offset without coding?

Ok now i understand what you need. I will modify my version during the weekend and send it to you. Actually the ATR bands are calculated with the 60min bars so it gives you signals when the price touches the band. Which can be used for breakout or reversal trades...

[bkout]

Ok now i understand what you need. I will modify my version during the weekend and send it to you. Actually the ATR bands are calculated with the 60min bars so it gives you signals when the price touches the band. Which can be used for breakout or reversal trades...

Thanks Walter. Since I'm using other criteria for entry I want the ATR band to show me where 3 "ATR units" away is at the moment of my entry which is where I will put my stop (it updates intrabar until the close) -- if the trade moves that much against me I'm out. Looking forward to seeing your modified indicator.

[walter79]

Here is the indicator i hope it will help you. Just import it with the Import Ninjascript function.

[bkout]

Just what I was looking for Walter! Thanks very much!

[ready.mg]

Hi! I'm looking for a similar indicator to show me where x "ATR units" away. Is there an updated version of MyAtrBand? I am unable to open with NinjaTrader 8.

[NinjaTrader_BrandonH]

Hello ready.mg,

Thanks for your post.

The MyAtrBand script attached in post #9 is a NinjaTrader 7 indicator which would not be compatible with NinjaTrader 8. I am not aware of a NinjaTrader 8 compatible version of this script.

Unfortunately, due to the code-breaking changes to the structure of NinjaScripts as well as changes to the NinjaScript properties and methods, no scripts created for NinjaTrader 7 will import into NinjaTrader 8.

Please let us know if you are interested in coverting this indicator yourself to be compatible with NinjaTrader 8 and we would be happy to assist with an NinjaScript specific questions you have.

Below is a link to a forum post with helpful information about getting started with NinjaScript if you do decide to code this yourself.
https://ninjatrader.com/support/foru...040#post786040

I am also including a link to a list of the code-breaking changes from NinjaTrader 7 to NinjaTrader 8. The help guide will be the best way to see how things have changed from NinjaTrader 7 to NinjaTrader 8.
http://ninjatrader.com/support/helpG...ng_changes.htm

Let us know if we may further assist.