OPEN-SOURCE SCRIPT
ATR Momentum [QuantVue]
ATR Momentum is a dynamic technical analysis tool designed to assess the momentum of a securities price movement. It utilizes the comparison between a faster short-term Average True Range (ATR) and a slower long-term ATR to determine whether momentum is increasing or decreasing.
This indicator visually represents the momentum relationship by plotting both ATR values as lines on a chart and applying color fill between the lines based on if momentum is increasing or decreasing.
When the short-term ATR is greater than the long-term ATR, representing increasing momentum, the area between them is filled with green.
Conversely, when the short-term ATR is less than the long-term ATR line, the area between them is filled with red. This red fill indicates decreasing momentum.
Don't hesitate to reach out with any questions or concerns.
We hope you enjoy!
Cheers.
This indicator visually represents the momentum relationship by plotting both ATR values as lines on a chart and applying color fill between the lines based on if momentum is increasing or decreasing.
When the short-term ATR is greater than the long-term ATR, representing increasing momentum, the area between them is filled with green.
Conversely, when the short-term ATR is less than the long-term ATR line, the area between them is filled with red. This red fill indicates decreasing momentum.
Don't hesitate to reach out with any questions or concerns.
We hope you enjoy!
Cheers.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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