Pine Scripters Network

Posted: **Wed Feb 24, 2021 10:07 pm**

Hello, is there an indicator that can tell me the current average bar size? Say for example the last 20 bars on my chart in the timeframe I'm on?

I'm working on a strategy that currently involves a bit of a dynamic stop. The stop is relative to the size of the prior bar on entry, which means in fast moving markets the stop will be wider.

I am going to research some similar indicators like Parabolic SAR, but I think it would be great if I had a way to get the average bar size for last X bars.

Ideally, as a manual-trading strategy, what I want is an indicator that will calculate the correct stop and position size. This will be constantly changing based on the volatility of the market, so I need i calculated in realtime. I'm sure I can build the indicator but currently I'm not sure how to get the average bar size.

Thanks!

Posted: **Fri Feb 26, 2021 8:55 pm**

Hi dusktrader,
A common indicator for dynamic stops is ATR (Average True Range), check it out.
Generally a multiple of ATR is used. IE. 2*ATR for Target, 1.5 * ATR for Stop.

Here's a short code snippet to compare a simple average of bar ranges with ATR.

Code: Select all

//@version=4
study("Range",overlay=false)

Range=abs(high-low)
AvgRange=avg(Range[1],Range[2],Range[3],Range[4],Range[5])
plot(AvgRange,color=color.blue)

ATR=atr(5)
plot(ATR,color=color.red)

Hope it helps. Good Luck!

Posted: **Fri Feb 26, 2021 11:50 pm**

Hey thanks! I will give that a try. I am currently using Parabolic SAR and it seems to be working good manually (I am still learning how to code it).

But my strategy requires the SAR from a lower timeframe. I use this for dynamic stop. Currently trying to determine how to gain access to a different timeframe in my pine script. I see the sar reference book entry, but it doesn't mention how to access it on a different timeframe.

Posted: **Sat Feb 27, 2021 12:07 am**

Btw I think I found the answer to my own question here - this explains how to access an indicator value from a different timeframe:
https://www.tradingview.com/blog/en/new ... ion-18479/

Pine Scripters Network

indicator for measuring the average bar size?

indicator for measuring the average bar size?

Re: indicator for measuring the average bar size?

Re: indicator for measuring the average bar size?

Re: indicator for measuring the average bar size?