The ATR Stops are mainly used as an advanced trailing technique, but they can also be used as a trend filter.
When you add the ATR Stop you will get access to 2 signals. The Stop loss shows the value where the trailing is occurring, which is interpreted by the line itself. The sentiment on the other side shows you what bias does this indicator give 1 = long (green) and -1 = short (red).
To test out different values please use the following indicator on TV: https://uk.tradingview.com/script/scvwHyaS-APEX-ATR-Stop/