Need explanation for MT ATR Range Grid Pro

Originally from ticket #3427.

Hi,

I need detailed explanation for the ATR Range Grid Pro. How does it work? Do you have a manual that explains how it works? I put it on a 30 min chart and I'm trying to make sense of it. Please detailed help guide needed. I can see that's what I need for trading crude oil, but I don't know how to read it.

Let me know.

Hi

Sorry No manuals only help desk - with priority and in depth support give to subscribers/license holders due to time management and demand there are around 1000 daily users of the framework - mostly free :-)

ATR Range Grid Pro is best used in conjunction with Fib Grid Pro
I put some ideas together here:
http://blog.microtrends.co/2015/06/components-for-discretionary-rules-over-a-mechanical-session-open-breakout-system/

Also
https://microtrends.zendesk.com/entries/82565025-When-to-trade-how-to-predict-intra-day-action-is-going-to-follow-through-and-use-discretionary-contr

It's best put it on a Default 24/7 Chart first of all with 30 days of data
Note: for more accurate stats try 10 range or 5minutes - you can set stats on off in the general parameters

the Range grid pro shows the intraday typical range
Expand the indicator vertically to see the stats on the left

https://microtrends.zendesk.com/entries/82565025-When-to-trade-how-to-predict-intra-day-action-is-going-to-follow-through-and-use-discretionary-contr

The grids represents the typical daily range
25%, red
50%, gray

Golden Zone:
75% blue
100% black
125% blue

150% gray
161.8% gold
200% black

The vertical bars show the current intraday range based on the chart session template - default 24/7 would be 00:00 - you can create your own or try with RTH sessions

STATS:
The top left stats tell you the equivalent range ticks at the levels 25% to 200%
A bottom left stats tell you how many times each Range % line is hit.

PopUpStats: show you an analysis of days and sessions - the average session range and the % of the range that day made historical over the data sample... i often use 90 to 180days - intermediate trend to make sense of things.

Examples

Stats can show what days are statistically/ range seasonality best to trade - offering the best chance of a nice trending run to trade with.

The Range Grid can be used to examine the state of the range pre US open based on overnigh range expansion - and if for example you are at 100% at 9.30AM and the market is congesting -this could result in a larger reversal - or breakdown and fat tail/ trending day - going to 200% or more - (or it maybe well sit sideways...)

If the 100% has been hit intraday after 11.30AM ESt - you might decided that its a good palce to move stops in or prepare to exit - or avoid a long or short at the extreme - ofcourse you might wait for the break also...

So it can be used for mean reversion/ reversal trading or as an exit or simply as a timer/expression that the market has in fact "spent its range for the day"... if you align what you are seeing with time/ price and higher time price or profile analysis for example.

It will not tell you however where the market went... for example
it opened and made 25% of the daily range long - then reversed and made the rest at 75% short under the open - totalling a 100% range day

Another usage of the Fib Grid is to put it on a daily or 240 min chart 24/7 and then look at the Price Cycles - small range -large range.... you might be able to see congestion and trending breakouts in the indicator - or setups + stats + other items to really pick an easy trending explosive move...

But on it's own it is of limited usage: To see where the market went you need to use the Fib Grid -

1. Download and install for free… the MT NinjaTrader Framework Installation
https://microtrends.zendesk.com/entries/59955435-How-to-install-or-update-MicroTrends-NinjaTrader-Framework-7-into-NinjaTrader-7

2. Add MT Framework NinjaTrader indicators to a Futures, Stocks or Forex chart with session template Default 24/7 90 to 180 days+ is best
1. MT ATR Range Grid Pro
2.MT Levels Dynamic Fib Grid Pro

Please let me know if that helps at all?

many thanks

tom

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums