ATR For Stop Loss (Overlay)

This script is an enhancement of ATR Indicator.
It is used to determine the stop loss position by using the ATR indicator, in conjunction with the low of the candle.

Formula = Stop Loss = Lowest(Lowest Length) - (ATR Multiplier * ATR (Smoothing, Length))

However, the user needs to manually identify the swing low for a better stop loss placement.

Parameter Information :
- Length : Period to calculate the average true range.
- Smoothing : The method used for averaging.
- ATR Multiplier : Multiplier factor to determine the Stop Loss from the lowest reference point. (1 ATR Multiplier means the stop loss would be = Low - ATR)
- Lowest Length : A total number of candle to determine the lowest reference point. (1 means only using the latest candle's low as a lowest reference point)

Have fun and good luck!

Notes de version

*Changelog*

- Changed defval for ATR from 14 to 20
- Changed the step for ATR multiplier from 0.5 to 0.1 for better precision settings
- Changed defval for Lowest length from 5 to 4

- Added 'Risk %' to show the risk of that particular trade if we enter the trade now using the stop loss
Formula = Risk % : (Close Price - Stop Loss) / Close Price * 100

Script open-source

Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.

hanssidharta

Clause de non-responsabilité

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Script open-source

hanssidharta