Custom ATR with Paranormal Bar Filter

28 Nov

Custom ATR with Paranormal Bar Filter
Description:
This indicator calculates a custom ATR (Average True Range) by filtering out bars with unusually large or small price ranges. It helps provide a more accurate measure of market volatility by ignoring outliers.

How it works:
True Range Calculation:

The price range for each bar is calculated.
Bars with ranges much larger or smaller than typical are excluded.
Filtered ATR:

The ATR is calculated using only the bars that pass the filter.
Current Bar Progress:

Measures how much the current bar has moved compared to the filtered ATR, based on the difference between its opening and closing prices.
Display:

A line represents the filtered ATR.
A table shows the filtered ATR, the current bar's range, and its progress relative to the ATR.
Input Settings:
ATR Period: Number of bars used to calculate the ATR.
Filter Window: Number of recent bars used to determine the typical range.
Filter Threshold: Sensitivity of the filter. A higher value allows more bars to pass.
How to Use:
Monitor Volatility:

Use the filtered ATR to understand market volatility while ignoring unusual price movements.
Track Current Bar Progress:

See how much of the ATR the current bar has completed.
Adjust Filter Settings:

Fine-tune the filter to match your trading timeframe and strategy.
This indicator is designed for traders who want to track market volatility without being misled by extreme outlier bars.