ATR Price Targets w/POC
ATR Price Targets with Point of Control (POC):
This script is designed to help traders identify key price target levels based on configurable multipliers of the the Average True Range (ATR) and the volume based Point of Control (POC). It is intended for intraday traders looking to capture significant price movements.
Features:
- ATR Price Targets: The script calculates three levels of price targets above and below the first bar of the day, based on the ATR of the last 22 days (assuming 5-minute candles). These targets are adjustable through the settings, allowing traders to set their own ATR multipliers.
- Point of Control (POC): The POC is determined as the price level of the highest volume bar since the start time, providing an indication of the most traded price within the specified period.
- Customizable Start Time: Traders can set their desired start time for the calculation of price targets and POC, allowing for flexibility in aligning the indicator with their trading strategy.
- Plot Lines: The ATR price targets are plotted as lines for easy visualization on the chart.
Usage:
- The ATR price targets can be used as potential take-profit or stop-loss levels.
- The POC can serve as a key level for assessing market sentiment and potential reversals.
- Traders can adjust the ATR multipliers and start time based on their specific trading style and market conditions.
Settings:
- ATR Price Targets 1, 2, 3: Adjust the multipliers for the ATR price targets. By default, these are set to 1*ATR for T1+/T1-, 3*ATR for T2+/T2- and ATR*6 for T3+/T3-. Adjust with caution as the price targets found in defaults have proven to be more accurate over intraday cycles for volatile stocks.
- Start Hour & Start Minute: Set the starting hour and minute for the calculations. By default, these are set to the opening 5 minute intraday bar, but can also be set to the opening bar of pre-market hours.