Average True Range Percent (ATRP) expresses the Average True Range (ATR) indicator as a percentage of a bar’s closing price.
How this indicator works
- ATRP is used to measure volatility just as the Average True Range (ATR) indicator is. ATRP allows securities to be compared, where ATR does not.
- ATR measures volatility at an absolute level, meaning lower priced stock will have lower ATR values than higher price stocks. ATRP displays the indicator as a percentage, to allow for securities trading at different prices per share to be compared.
ATRP = (Average True Range / Close) * 100
This indicator works for MT4/MT5 Multicharts and Tradestation.
How to import indicator: https://strategyquant.com/doc/programming-sq/import-export-custom-indicators-and-other-snippets/