AFL for Monthly ATR Levels
ATR levels provide a good indicator where a market is overbought or oversold (when crossing the levels) or as a good S/R levels
Script:
_SECTION_BEGIN(“ATR Levels”);
iATRPeriod = Param(“ATRPeriod”, 4, 1, 10, 1);
dATRLevel = Param(“ATRLevel”, 1, 0.25, 2, 0.25);
TimeFrameSet(inMonthly); // go to monthly chart
monthATR = Ref(ATR(iATRPeriod), 0); // ATR value
monthClose = Ref(Close, 0); // close of last month
TimeFrameRestore(); // go back to origin timeframe
ATRM_S1 = MonthClose – dATRLevel * monthATR;
ATRM_R1 = MonthClose + dATRLevel * monthATR;
expCloseM = TimeFrameExpand(monthClose, inMonthly, expandLast);
Plot(expCloseM, “ATR Month Middle”, colorLightBlue, styleLine );
expATRM_S1 = TimeFrameExpand(ATRM_S1, inMonthly, expandLast);
Plot(expATRM_S1, “ATR Month Support”, colorGreen, styleDashed );
expATRM_R1 = TimeFrameExpand(ATRM_R1, inMonthly, expandLast);
Plot(expATRM_R1, “ATR Month Resistance”, colorRed, styleDashed );
_SECTION_END();