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Does Average True Range Agree on CL and ZN? (10-minute Charts)
Educational reference. Measured from recorded market data through September 4, 2026. Not a forecast.
Average True Range measures how much ground a bar covers — volatility, not direction. This page asks a narrower question than the price comparison: when Average True Range moves on Crude Oil, does it move the same way on 10-Year T-Note?
| Bars where Average True Range moved on both | 4,053 |
|---|---|
| … and moved the same direction | 2,582 (63.7%) |
| Price correlation, same period | -0.475 |
Average True Range agrees more than price does. Prices correlate at -0.475, yet this reading matches 63.7% of the time. It is tracking something the two markets share beyond direction.
Why this is not the same as the price question
Two markets can move together while their momentum, trend strength or volatility do not. A reading that agrees far less than price suggests is exactly where one market is losing steam while the other keeps going — and a reading that agrees more is tracking something shared that direction alone does not capture.
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