[Top] Simple ATR TP/SL

Simple TP/SL from ATR (Locked per Bar) - Advanced Position Management Tool

What This Indicator Does:

• Automatically calculates and displays Take Profit (TP) and Stop Loss (SL) levels based on Average True Range (ATR)
  
• Locks ATR values and direction signals at the start of each bar to prevent repainting and provide consistent levels
  
• Offers multiple direction detection modes including real-time candle-based positioning for dynamic trading approaches
  
• Displays entry, TP, and SL levels as clean horizontal lines that extend from the current bar
  

Original Features That Make This Script Unique:

• Bar-Locked ATR System: ATR values are captured and frozen at bar open, ensuring levels remain stable throughout the bar's progression
  
• Multi-Modal Direction Detection: Four distinct modes for determining TP/SL positioning - Trend Following (EMA-based), Bullish Only, Bearish Only, and real-time Candle Based
  
• Real-Time Candle Flipping: In Candle Based mode, TP/SL levels flip immediately when the current candle changes from bullish to bearish or vice versa
  
• Persistent Line Management: Uses efficient line object management to prevent ghost lines and maintain clean visual presentation
  
• Flexible Base Price Selection: Choose between Open (static), Close (dynamic), or midpoint (H+L)/2 for entry level calculation
  

How The Algorithm Works:

• ATR Calculation: Captures ATR value at each bar open using specified length parameter, maintaining consistency throughout the bar
  
• Direction Determination: Uses different methods based on selected mode - EMA crossover for trend following, or real-time candle color for dynamic positioning
  
• Level Calculation: TP level = Base Price + (Direction × TP Multiplier × ATR), SL level = Base Price - (Direction × SL Multiplier × ATR)
  
• Visual Management: Creates persistent line objects once, then updates their positions every bar for optimal performance
  

Direction Modes Explained:

• Trend Following: Uses 5-period and 12-period EMA relationship to determine trend direction (locked at bar open)
  
• Bullish Only: Always places TP above and SL below entry (traditional long setup)
  
• Bearish Only: Always places TP below and SL above entry (traditional short setup)
  
• Candle Based: Dynamically adjusts based on current candle direction - flips in real-time as candle develops
  

Key Input Parameters:

• ATR Length: Period for ATR calculation (default 14) - longer periods provide smoother volatility measurement
  
• TP Multiplier: Take profit distance as multiple of ATR (default 1.0) - higher values target larger profits
  
• SL Multiplier: Stop loss distance as multiple of ATR (default 1.0) - higher values allow more room for price movement
  
• Base Price: Reference point for level calculations - Open for static entry, Close for dynamic tracking
  
• Direction Mode: Method for determining whether TP goes above or below entry level
  

How To Use This Indicator:

• For Position Sizing: Use the displayed SL distance to calculate appropriate position size based on your risk tolerance
  
• For Entry Timing: Wait for price to approach the entry level before taking positions
  
• For Risk Management: Set your actual stop loss orders at or near the displayed SL level
  
• For Profit Taking: Use the TP level as initial profit target, consider scaling out at this level
  
• Mode Selection: Choose Candle Based for scalping and quick reversals, Trend Following for swing trading
  

Visual Style Customization:

• Line Colors: Customize TP line color (default teal) and SL line color (default orange) for easy identification
  
• Line Widths: Adjust TP/SL line thickness (1-5) and entry line thickness (1-3) for visibility preferences
  
• Clean Display: Lines extend 3 bars forward from current bar and update position dynamically
  

Best Practices:

• Use on clean charts without multiple overlapping indicators for clearest visual interpretation
  
• Combine with volume analysis and key support/resistance levels for enhanced decision making
  
• Adjust ATR length based on your trading timeframe - shorter for scalping, longer for position trading
  
• Test different TP/SL multipliers based on the volatility characteristics of your chosen instruments
  
• Consider using Trend Following mode during strong trending periods and Candle Based during ranging markets