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Chicago, Illinois/United States of America
Experience: Advanced
Platform: Sierra Chart, Daytradr,MW
Broker: AMP, ADMIS, Gain, Charles Schwab. Data: CQG, Open-eCry
Trading: Emini ES
Posts: 41 since Jun 2013
Thanks Given: 13
Thanks Received: 25
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In your profile, you indicate you're a beginning trader. This might be a very interesting indicator, but in over 10 years, I've never heard of it. ATR? Yes, of course I'm aware of that, & it is part of the tools included in Sierra Chart. Seems like this indicator a some kind of variation on pivot points, factoring in volatility measured by the ATR- I don't know for sure.
There are many, many other 'levels' that have a high probability of reaction (as the video presenter describes these levels provided by this indicator) that you can identify manually or even have drawn on your chart automatically using the included tools in Sierra Chart. In short, you can definitely live without it. Odds are high, after using for awhile, you'll find it works just as well or just as inconsistently as anything else. I haven't spent an hour watching this video, but if you understand how the levels are created, you can figure it out for yourself. If you can't figure it out, or it's some proprietary secret- keep on truckin'.
Anyway, there's loads of indicators that will charm you into feeling you 'must-have' them... but that's a phase. Keep studying how to trade. Really understand the market auction process, order flow, the different players, & context... think in terms of those things & you'll find a way. I'm not knocking indicators or special 'levels'... but you don't need to pay $300.00 or more for this one, especially right now in your journey. There's better ways to spend your money at this stage.
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