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#Custom ATR label built for trading NQ ES futures. When ATR is below 1.5 I'd prefer not to trade, all timeframe based so if you're on a scalper timeframe, raise your timeframe if you'd like to trade. Note the lager the CurrentATR the larger your stop may need to be, however the larger the reward off your setup
#
Declare upper;
input length = 14;
plot currentATR = reference ATR(length, averageType = AverageType.wilders);
currentATR.Hide();
def up= 2.6;
def dn = 1.5;
def atrlow = currentatr > dn;
def atrhigh = currentatr > up;
AddLabel(yes, Concat(currentatr , Concat(" ",
if atrhigh then "8 ticks" else if atrlow then "4 ticks" else "NO TRADES")),
if atrhigh then Color.GREEN else
if atrlow then Color.LIGHT_gray else Color.WHITE);
#
Declare upper;
input length = 14;
plot currentATR = reference ATR(length, averageType = AverageType.wilders);
currentATR.Hide();
def up= 2.6;
def dn = 1.5;
def atrlow = currentatr > dn;
def atrhigh = currentatr > up;
AddLabel(yes, Concat(currentatr , Concat(" ",
if atrhigh then "8 ticks" else if atrlow then "4 ticks" else "NO TRADES")),
if atrhigh then Color.GREEN else
if atrlow then Color.LIGHT_gray else Color.WHITE);
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