OPEN-SOURCE SCRIPT

ATR 1Day Upper Lower Bounds

This script is useful as a guide to get into positions.

The 1day ATR has upper and lower bounds, however its typically used to determine if a trend is long or short. And the trend reverses when the price action close crosses the directional trend limit.

This script is different in that it always shows both the upper and lower ATR ranges.

Also, its default time resolution is the 1day and this has been selected for BTC, as the chart shows when this indicator can be useful.

The indicator overlays anytime frame equal to or lower than 1 day.

The 1 Day ATR upper and lower limits are a good guide.

If the price action crosses the 1 Day ATR, there is a reasonable chance the price is likely to correct to be within the 1Day ATR bounds.

So, if the price goes above the top ATR line, consider getting into a short position.

Similarly, if the price goes below the lower ATR line, consider getting into a long position.

If you look at the attached chart, there are several times when this is a very good trading signal for BTC.

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