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 [LazyBear] [Fixed by Elixium]. 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)
Notas de prensa
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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.
Notas de prensa
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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.
@xkavalis Why not just have the indicator overlay on the main chart? It will save you more space!
RexDogActual
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@hexelbyte, I didn't because if you have a long list of indicators on your chart and this isn't first it gets cut off. Not a problem for me with my multi screens 34" but I notice on some laptops it can get hidden. Also maybe some might like to plot the lines. I'm sure you know but to modify this just change the false to overlay=true.