This is an on chart indicator that can be used for setting take profit and stop losses very easily using the Average True Range Indicator (ATR). Using a volatility adjusted TP and SL will allow you to set your targets and losses based on market conditions. In the settings, you are able to adjust how much of a multiplier you require depending on your risk tolerance and strategy. For those that follow the NNFX method, the defult settings are preset to 1xATR TP and 1.5xATR SL.
How to use: - For longs, 'isLong' box must be ticked, for shorts, this box is unticked - For longs, green line is TP, red line is SL - For shorts, red line is TP, green line is SL
Hey Mate I really love this indicator, but I was wondering how I can implement this into a strategy so that the atr of my entry price is set as the stop loss or take profit trigger. I've done a lot of coding but I can't crack it.
sheddyFx01
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This is nice Dillon!
Spocks-Beard
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Cheers!!
Vellox
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It’s about as close as I’ve found to what I need, but it’s a shame you have to remember to edit it’s direction each time. Would be good if you had an option to tick on or off to have it try and gauge trend? I.E if price is above 200 EMA, it’s a long and if price is below 200 EMA it’s a short. If you also had the option to set the EMA length, that’d be amazing. Personally I use a 100 for trend but 200 is also popular.
As the other guy said, if it could also list the current ATR value on each bar (I.e. 1x on the TP and 1.5 on the SL), that’d be awesome!
Well done!
Vellox
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I use this a lot now. Ignore my comments above, I switched to an equal ATR for both directions so I set both colours the same and found another indicator which shows values on the bars. The single thing missing is the option to set the ATR value (I.e. looks like it’s set to 14) so would be good to be able to change that although I could obviously copy the code into a new indicator and set manually myself. Great indicator though! Cheers.
sueun123
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Hey! This is useful as you don't need to use the calculator to figure out the ATR. However a suggestion I have is showing the 1ATR and 1.5ATR digits on the right so that you don't have to move your cursor exactly to where the 2 lines are. I found this to be tiring when I was backtesting so I just switched back to using the calculator.
Dillon_Grech
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@sueun123, Hey Sueun! Great suggestion ill look into this and see what i come up with. Thank you!