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Absolute ATR
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Absolute ATR
Can anyone point me to an indicator for an Absolute Average True Range Indicator? I want to use the ATR to identify sideways trending markets, but the ATR seems to be based upon the instrument price, rather than an absolute value I can use in a strategy across different instruments. For example, in Thinkorswim, the ATR indicator is an absolute number between .1 and .3. Or, in the alternative, another filter to identify sideways trending markets would be helpful. Thanks.Tags: None
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Originally posted by thebluescout View PostCan anyone point me to an indicator for an Absolute Average True Range Indicator? I want to use the ATR to identify sideways trending markets, but the ATR seems to be based upon the instrument price, rather than an absolute value I can use in a strategy across different instruments. For example, in Thinkorswim, the ATR indicator is an absolute number between .1 and .3. Or, in the alternative, another filter to identify sideways trending markets would be helpful. Thanks.
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Originally posted by thebluescout View PostCan anyone point me to an indicator for an Absolute Average True Range Indicator? I want to use the ATR to identify sideways trending markets, but the ATR seems to be based upon the instrument price, rather than an absolute value I can use in a strategy across different instruments. For example, in Thinkorswim, the ATR indicator is an absolute number between .1 and .3. Or, in the alternative, another filter to identify sideways trending markets would be helpful. Thanks.
(1) You could simply divided the ATR by the TickSize. The indicator will then display the ATR in ticks and not in points.
(2) Alternatively you could normalize the indicator (there are different methods available). This would transfer the ATR into a bounded indicator that plots on a scale from 0 and 1, or 0 and 100.
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Harry:
That's what I want to do, I want to normalize the indicator so it plots of some type of scale. How would I do that?
Thanks.
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Originally posted by thebluescout View PostHarry:
That's what I want to do, I want to normalize the indicator so it plots of some type of scale. How would I do that?
Thanks.
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