OPEN-SOURCE SCRIPT
ATR Stop Loss and Take Profit Finder
The purpose of this tool is to help the trader determine a safe stop loss price and take profit which dynamically changes due to ATR (Average True Range)
This tool uses the concept of
How is ATR Stop Loss and Take Profit Finder working
Step 1 ) Tool will calculate TR(True Range
Step 2) Then the TR will be used to find the Average value of X time frame, using 5 math models: RMA SMA EMA WMA and LSMA
Step 3) The value from Step 2 will be multiplied by the factor, and the result is ATR
After we got ATR Value, the Tool will find 2 lines: Upper Band and Lower Band which will function as a Stoploss value for both Short and Long trade
ATR Stop Loss and Take Profit Finder will be using Upper Band and Lower Band to calculate Take profit price. A trader can set their Target Risk Reward Ratio by setting
How to use ATR Stop Loss and Take Profit Finder
ATR Stop Loss and Take Profit Finder is not an indicator, it is only a tool to help the trader quickly find their stop loss/take profit price. t
For open long position, We comment trade to switch mode of 'Type of open Position to be long. Same as short which is need to be changed to short
This tool uses the concept of
- ATR (Average True Range)
- Risk Reward Ratio (Money Management method)
How is ATR Stop Loss and Take Profit Finder working
Step 1 ) Tool will calculate TR(True Range
Step 2) Then the TR will be used to find the Average value of X time frame, using 5 math models: RMA SMA EMA WMA and LSMA
Step 3) The value from Step 2 will be multiplied by the factor, and the result is ATR
After we got ATR Value, the Tool will find 2 lines: Upper Band and Lower Band which will function as a Stoploss value for both Short and Long trade
ATR Stop Loss and Take Profit Finder will be using Upper Band and Lower Band to calculate Take profit price. A trader can set their Target Risk Reward Ratio by setting
How to use ATR Stop Loss and Take Profit Finder
ATR Stop Loss and Take Profit Finder is not an indicator, it is only a tool to help the trader quickly find their stop loss/take profit price. t
For open long position, We comment trade to switch mode of 'Type of open Position to be long. Same as short which is need to be changed to short
Notas de prensa
Add table which display the value of Entry Price/ Take Profit Price and Stoploss PriceNotas de prensa
Change Defval of Src 1 and 2 to CloseUpdate Example Chart
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
¿Quiere utilizar este script en un gráfico?
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