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Q: How can the following formula be implemented? Upper Band = Open + 0.30 * ATR(7) and Lower Band = Open - 0.3 * ATR(7)
A: Here is a DYO that you can use with a daily chart. Template: 1386-ATRband 
Line A calculates the Average True Range for a 7 bar period ending at the prior bar. Thus the Bar Offset is a -1. The ATR is stored in GV [1].
Line B stores the Open in GV [2].
Lines C and D implement the formula of multiplying the ATR by a number and adding the Open. The bands are plotted using the marker in the Cyan color.
Template: 1386-ATRband Last modified 8/7/08 3:46 PM |