Calculates standard Bollinger Bands and identifies band expansion breakouts where upper and lower bands move in opposite directions. It enters long positions when price breaks above the upper band with a high candle body percentage, and enters short positions
Strategy · Pine Script v4 · On the chart
2 Candles Inside ATR
2 Candles Inside ATR is an overlay script that measures volatility compression across two consecutive candles.
GitHub stars106on the repository
Pine versionv4older, still runs
Lines of code12
Settings2inputs
LicenceGPL-3.0
Last update2 years ago18 Sep 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
12 lines of Pine Script v4 from 2 Candles Inside ATR.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
strategy("2 Candles Inside ATR", overlay=true)
durATR = input(25, title="ATR duration")
multiplier= input(0.6, title="ATR multiplier")
ATR = sma(rma(tr, durATR), 2)
combinedHigh = max(high, high[1])
combinedLow = min(low, low[1])
longCondition = multiplier * ATR > (combinedHigh - combinedLow) ? combinedHigh : na
shortCondition = multiplier * ATR > (combinedHigh - combinedLow) ? combinedLow : na
plotshape(longCondition, title="Buy Signal", text="Buy above High", textcolor=color.blue, style=shape.arrowup, size=size.small, location=location.belowbar, color=color.blue, transp=0)
plotshape(shortCondition, title="Sell Signal", text="Sell below Low", textcolor=color.red, style=shape.arrowdown, size=size.small, location=location.abovebar, color=color.red, transp=0)
Expand (15 lines)
Overview
2 Candles Inside ATR calculates a smoothed Average True Range (ATR) and compares it against the combined high and low range of the current and previous bars. When the two-bar range is narrower than the ATR multiplied by a configured factor, arrow shapes plot on the price chart to mark potential breakout levels. Settings allow customizing the ATR period and range multiplier.
- Measures combined range of two consecutive candles
- Compares price range to ATR threshold factor
- Plots visual arrow shapes for breakout levels
- Customizable ATR duration and threshold multiplier
Details
Published by
hasnocool on GitHub
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Volatility & bands, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Topics
analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| ATR duration | int | 25 | durATR |
| ATR multiplier | float | 0.6 | multiplier |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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