ATR Pips with Stop Loss

This indicator shares ATR pips and a calculated 1.5 x stop loss calculation.

  • 1st number is ATR.
  • 2nd number is ATR x 1.5 (a typical SL when trading daily time frame).

The plot lines are really not that important- it's the actual numbers.

What I do is uncheck the plot line checkboxes (ATR & SL) so it doesn't show up, that way I can reduce the indicator window.

This script is a modified script by ATR Pips . Kept the BB section for now as it might be useful, but doubt it.

Future updates:
- editable the multiple for SL
- static daily numbers (right now this shows the timeframe you are viewing, I'd keep that but add a static daily ATR so you have both)
Release Notes: Added the ability to customize the multiplier for the stop loss. The default multiplier is 1.5 a typical used SL for trading the daily timeframe.
Release Notes: Add some helpful updates:

  • 20 EMA using the ATR. I've found it helpful to know if the ATR is above or below the 20EMA. This is now plotted.
  • Added Target Multiplier option - default is 3 * ATR (2 is less aggressive. See below on how you can use this)

First, yes of course you can easily do this math in your head but I build indicators so I can look at charts quickly and get the numbers I immediately.

This is a more aggressive trade strategy but let's say your trade system provides entry signal.

  • 3 positions on entry (within your RR calculations).
  • SL is recommended ATR * 1.5.
  • 1st position is target 1 (T1) and is 1:1 with your SL.
  • 2nd position (T2) is the target multiplier mentioned above default is ATR * 3.
  • 3rd Position is (T3) discretionary position that can be closed or have a trailing stop put in place if T2 reached.

Generally with this type of strategy when T1 is reached you will move up remaining SL positions to break even.

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Skript med en öppen källkod

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