The calculation of historical volatility only takes into account the closing stock prices. Is it a better measure of really how volatile the stock is as compared to a measure like average true range? Is it fair to hypothesize that ATR is a better measure because it calculates the fluctuation between high and low.
If we only consider closing prices as in HV, then basically a stock can jump aorund wildly during the day but so long as the closing prices are not that much different, it will be considered a low volatility stock. Is this the right way to look at volatility, just considering closing prices?