OPEN-SOURCE SCRIPT
ATR, Chop, Profit Target and Stop Loss Table
The ATR Table indicator is a versatile tool that helps traders visually and quantitatively manage risk, identify market conditions, and set profit targets and stop-loss levels. It is designed to enhance decision-making by incorporating key volatility and chop (market consolidation) signals into a comprehensive table format.
Key Features:
Average True Range (ATR) Calculation: The indicator computes the ATR over a user-defined period (default 14). ATR helps to measure market volatility, providing insights into how much an asset's price typically moves within a given period.
Stop Loss and Profit Target Calculation: You can configure stop-loss and profit target levels using multipliers based on the ATR. This allows dynamic risk management that adjusts to market volatility:
Stop Loss: Defined as a multiple of the ATR to help control losses.
Profit Target: Also based on a multiple of the ATR to lock in gains. The user can specify whether they are trading long or short, and the indicator adjusts the levels accordingly.
Customizable Plot Lines: The indicator can display the Stop Loss and Profit Target levels directly on the chart. Users can toggle these lines on or off and customize their colors.
Chop Signal: The indicator highlights potential consolidation periods (chop) using a wick-based analysis. It calculates the highest upper or lower wick values and compares them to the ATR to detect periods of indecision or consolidation.
Table Display: When these wick values exceed the ATR by a user-defined multiplier, the corresponding table rows are highlighted.
Background Alerts: Optionally, users can activate background color changes on the chart to visually alert them when chop conditions are detected.
Customizable Table Layout: A table displaying the key values (ATR, Stop Loss, Profit Target, Upper/Lower Wickiness) is placed on the chart. You can choose the table's position, adjust its color scheme, and decide which rows to display.
Chop Background Customization: For users who prefer more visual cues, the indicator allows you to enable or disable background shading when chop conditions are met. You can also choose the color of this background for better customization.
Key Features:
Average True Range (ATR) Calculation: The indicator computes the ATR over a user-defined period (default 14). ATR helps to measure market volatility, providing insights into how much an asset's price typically moves within a given period.
Stop Loss and Profit Target Calculation: You can configure stop-loss and profit target levels using multipliers based on the ATR. This allows dynamic risk management that adjusts to market volatility:
Stop Loss: Defined as a multiple of the ATR to help control losses.
Profit Target: Also based on a multiple of the ATR to lock in gains. The user can specify whether they are trading long or short, and the indicator adjusts the levels accordingly.
Customizable Plot Lines: The indicator can display the Stop Loss and Profit Target levels directly on the chart. Users can toggle these lines on or off and customize their colors.
Chop Signal: The indicator highlights potential consolidation periods (chop) using a wick-based analysis. It calculates the highest upper or lower wick values and compares them to the ATR to detect periods of indecision or consolidation.
Table Display: When these wick values exceed the ATR by a user-defined multiplier, the corresponding table rows are highlighted.
Background Alerts: Optionally, users can activate background color changes on the chart to visually alert them when chop conditions are detected.
Customizable Table Layout: A table displaying the key values (ATR, Stop Loss, Profit Target, Upper/Lower Wickiness) is placed on the chart. You can choose the table's position, adjust its color scheme, and decide which rows to display.
Chop Background Customization: For users who prefer more visual cues, the indicator allows you to enable or disable background shading when chop conditions are met. You can also choose the color of this background for better customization.
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