{"id":15361,"date":"2023-03-19T12:30:54","date_gmt":"2023-03-19T17:30:54","guid":{"rendered":"https:\/\/www.Topstepquantumhub.com\/?p=15361"},"modified":"2023-03-22T02:28:24","modified_gmt":"2023-03-22T07:28:24","slug":"average-true-range-a-simple-but-effective-indicator","status":"publish","type":"post","link":"https:\/\/www.Topstepquantumhub.com\/blog\/average-true-range-a-simple-but-effective-indicator\/","title":{"rendered":"Average True Range: A Simple But Effective Indicator"},"content":{"rendered":"<p><strong>By <a href=\"http:\/\/www.futuresmag.com\/author\/daniel-p-collins\" target=\"_blank\" rel=\"noopener\">Daniel P. Collins\u00a0<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">There are various technical trading indicators to help traders build technical systematic trading strategies. Some, such as the <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/macd-an-accurate-and-robust-indicator\/\"><span style=\"font-weight: 400;\">Moving Average Convergence Divergence (MACD)<\/span><\/a><span style=\"font-weight: 400;\"> indicator, are better as a standalone signal generator. In contrast, others, like <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/rsi-a-valuable-tool-for-traders\/?utm_campaign=Weekly%20Kickoff&amp;utm_medium=email&amp;_hsmi=248894931&amp;_hsenc=p2ANqtz---DnjUvU85SQ99gMu4UdBcaFQlcVLx2zFFWE4rySGKxaET7wBA3HxSopkuyVzLZ3caKg_M3dfErXNv1e5oqSgUd6yHLQ&amp;utm_content=248894931&amp;u\"><span style=\"font-weight: 400;\">the Relative Strength Index (RSI)<\/span><\/a><span style=\"font-weight: 400;\">, work best as a filter or overlay with other indicators or systems.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every indicator is based on some sort of mathematical model or average and provides valuable data. The important thing for traders is to understand what they are showing and what they aren\u2019t. They are not predicting moves but providing specific data that can be studied to find tendencies in the market that can be used to create an edge.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The beauty of most indicators is in their simplicity. This is especially true with the Average True Range (ATR). The ATR falls into the category of a filter or overlay indicator that can be used to measure momentum, trend, and, most of all, volatility.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is simply an average of the previous period\u2019s (usually 14) true ranges.\u00a0<\/span><\/p>\n<p><strong>Calculation<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">ATR = (Previous ATR * (n &#8211; 1) + TR) \/ n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Where:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">ATR = Average True Range<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">n = number of periods or bars<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">TR = True Range<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The True Range is the greatest of the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Today&#8217;s high minus today&#8217;s low<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The absolute value of today&#8217;s high minus yesterday&#8217;s close<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The absolute value of today&#8217;s low minus yesterday&#8217;s close<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The true range calculation can include the previous day\u2019s close when there is a gap opening.\u00a0 David Wilder explained, \u201cIn this way, both directional and non-directional movement can be captured and quantified, while gap openings are properly accounted for (see \u201cUnlocking the volatility key using ATR,\u201d Futures, December 2008).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its creator, J. Welles Wilder, wrote, &#8220;The one thing that is directly proportional with volatility is range.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While there are some much more complicated measures of volatility, the beauty of ATR is in its simplicity. For example, the Cboe Volatility Index (VIX)\u2014the standard measure of volatility for equity markets, which uses a complex combination of options prices to calculate volatility\u2014often doesn\u2019t show upside volatility. Since futures (which Wilder designed ATR for) has no bias between long and short positions, the simplest measure of volatility is the size and trends of market ranges over time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ironically, Wilder built his trend-following Volatility System primarily off of readings of the ATR. Today most traders use it in concert with order indicators to help select entries and exits, gauge risk within a trade, and to set stop levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bramesh Bhandari wrote, \u201c[ATR] is usually used to analyze the risk of taking a specific position in the market<\/span> <span style=\"font-weight: 400;\">(See: \u201c<\/span><a href=\"http:\/\/www.futuresmag.com\/2017\/03\/25\/trading-average-true-range\"><span style=\"font-weight: 400;\">Trading the average true range<\/span><\/a><span style=\"font-weight: 400;\">,\u201d Modern Trader, April 2017). In addition, it is often used as a way to calculate stop-loss and profit targets (by applying a multiplier).\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The US Dollar Index chart below shows how ATR reflects the narrowing size of the daily ranges.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-15371 size-full\" src=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/Dollar-Index-Daily-Chart-03-15-2023.png\" alt=\"Dollar Index Daily Chart 03-15-2023\" width=\"512\" height=\"255\" srcset=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/Dollar-Index-Daily-Chart-03-15-2023.png 512w, https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/Dollar-Index-Daily-Chart-03-15-2023-300x149.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">Source: TSTrader\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">While this does not suggest a market direction, it does indicate the likely range in either direction. With this knowledge, a trader can determine if a trade entry is advisable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dollar recently broke an important resistance level from January, indicating a potential long entry (top line). However, the narrowing ATR would suggest a relatively tight stop. Wilder suggested taking the ATR and multiplying it by three to create a reversal trade. Using this, a trader would need to determine an appropriate support level to place their stop, and if that is inside the ATR x 3, they would take the signal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The chart shows two possible support levels where a trader would put a stop loss (or stop and reverse). The middle line is the low close following the near-term breakout, while the bottom line shows the long-term low close.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dollar chart shows a strange condition. Typically market volatility tends to increase during sell-offs and decrease during rallies. There is a saying that markets take the stairs up and the elevator down.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recent E-mini S&amp;P price action illustrates this (see chart). \u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-15372 size-full\" src=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/ESH-Daily-Chart-03-15-2023.png\" alt=\"ESH Daily Chart 03-15-2023\" width=\"512\" height=\"248\" srcset=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/ESH-Daily-Chart-03-15-2023.png 512w, https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/ESH-Daily-Chart-03-15-2023-300x145.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">Source: TSTrader\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Notice how the ATR declined all through last summer\u2019s rally and expanded during the fall sell-off.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Breakout trades are usually indicated by a series of lower highs and higher lows in a market (see the crude oil chart below).\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-15373 size-full\" src=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/CLJ-Daily-Chart-03-15-2023.png\" alt=\"CLJ Daily Chart 03-15-2023\" width=\"512\" height=\"266\" srcset=\"https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/CLJ-Daily-Chart-03-15-2023.png 512w, https:\/\/www.Topstepquantumhub.com\/wp-content\/uploads\/2023\/03\/CLJ-Daily-Chart-03-15-2023-300x156.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">Source: TSTrader\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Notice how the ATR is steadily decreasing as crude consolidates. A trader can enter a position in either direction based on a breakout of the consolidating range and use the ATR calculation to set a stop.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ATR is a measure of volatility that helps determine the risk in a trade. It can work in unison with other indicators to help the trader determine whether a potential trade is within that trader\u2019s risk parameters.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bhandari noted, \u201cATR should not be used as a standalone signal, but is valuable in confirming moves and in timing trades. Use ATR to determine when volatility is increasing and when it is contracting; this can help determine the best times to trade.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Daniel P. Collins\u00a0 There are various technical trading indicators to help traders build technical systematic trading strategies. Some, such&#8230;<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[267,271],"tags":[821,701,260,278,819,817,298,279],"class_list":["post-15361","post","type-post","status-publish","format-standard","hentry","category-trading-education","category-trading-strategies","tag-average-true-range","tag-day-trader","tag-futures","tag-futures-trader","tag-macd","tag-rsi","tag-technical-analysis","tag-technical-indicators"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Average True Range: A Simple But Effective Indicator | Topstep<\/title>\n<meta name=\"description\" content=\"The ATR falls into the category of a filter or overlay indicator that can be used to measure momentum, trend, and, most of all, volatility.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.Topstepquantumhub.com\/blog\/average-true-range-a-simple-but-effective-indicator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Average True Range: A Simple But Effective Indicator\" \/>\n<meta property=\"og:description\" content=\"By Daniel P. 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