This Indicator uses Average True Range (ATR) to determine a safe place to put stop losses to avoid being stop hunted or stopped out of a trade due to a tight stop loss. Default multiplier setting is 1.5. For a more conservative stop loss use 2 and for a tighter stop loss use 1. ATR and stop loss prices are displayed in table at bottom of screen. Use high(red) for shorts and low(teal) for longs.
Awesome script and *almost* what I'm looking for. Is it possible in Pine to display the ATR, High, and Low for a candle that is moused over? Sometimes I want to add the ATR from the previous candle to the high/low of the recent swing high/low in order to determine a stop loss. Not asking you to do this. :) Just curious if it's even something Pine can do. I realized just now that the H and L in your script appear to be the Stop Loss values (not the High or Low of the candle). At least I think that's what I'm seeing. LOL!
TK42DAN
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veryfid
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@TK42DAN, Hi, thanks for the coins :) Yes the indicator values will show you the figures when you move over different candles
TK42DAN
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@veryfid, Gotcha/ Is there any way to have those "dashboard" at the bottom change, too? I'd LOVE to be able to minimize my indicators and still see my ATR.
veryfid
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@TK42DAN, No sorry it is not possible as far as I know. You could try hide everything else and just use the indicator values.
I can’t trade without this. I stack 2 ATRs one at 0.35 and one at 1.5 both stepline style. The 0.35 I use for conditional limit orders just above/below my target candles to avoid market order fees. The 1.5 I use for stoploss. You seriously have to be majorly mistaken to get stopped out at a 1.5 ATR. This indicator has become a major part of my strategy. Thank you very much sir.
Versatile-
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@Slick_SiD, how do you even use this for Stop losses on a supertrend? I'm confused..
murse_money
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@Slick_SiD, How come you're not using 3 like Wilder suggested or is that more for trailing stop?