ATR setting based on

the Timeframe chart .



Good morning,

My question is regarding using ATR , and having the " LookBack " period/ settings set correctly based on the timeframe chart that I am looking at



EXAMPLE:

If I am looking at a Daily chart ( where each candle represents 1 days worth of trading ) and I want the ATR to be calculated based on the Last 5 days of trading, would I set the LookBack period to 5 or to 7 ( 5 being the actual number of traded days in a week, or 7 been an actual 7 days that is a week 0 ?



Also,

If I want to look at a Weekly chart ( where each candle represents 1 weeks worth of trading ), and I am trying to get an accurate ATR from the previous week of trading, would I need to change the setting to 1 ( for 1 week ) or can I just leave the settings the same on the ATR , no matter what timeframe chart I am looking it,

and it will automatically calculate it correctly for me by default?



Hope my question is not confusing

and I appreciate the help

Thanks again - Michael