Yes. ATR with the range set to 1 works.
The formula for True Range is also:
Max( Max( High-Low, High- Previous Close ) , Previous Close - Low )
Some Average True range calculations use Wilders average which move twice as slow as a simple moving average.
When calculating the average for examining range to average range as well as the comparing volume is to average volume, I use the same exponential moving average setting for both range and volume so they are comparable on equal terms. Some people use 14 bars, I use 21.
Watching for high range/low volume and high volume/low range bars, especially when coming into support or resistance levels can be a great help.
I use a formula for making note of discrepancies of range and volume in scans:
( ATR(1) / EMA(ATR(1), period) - Volume / EMA(Volume, period) ) * 100
where period = 5 bars
It makes it easier to see the ranges compared to volumes (effort vs result) such as in TMT over the last 7 bars. It may mean supply is coming in and to plan accordingly.
