stephenecker

Pookies SL/TP Lines

This indicator calculates Stop-loss and Take-profit limits and plots them on the chart based on the daily ATR value for a given instrument.

The Stop-loss is calculated at the current close price minus 1x ATR and is plotted as a red line by default.
The Take-profit is calculated at the current close price plus 1.5x ATR and is plotted as a green line by default.

The colors for each line can be changed, as well as the default ATR values (length, smoothing).

To use:
When you see a long or short signal (your own preference), enter your position and set your take-profit and stop-loss limits at the current red/green lines, based on whatever Risk-Reward you've set it to.

This is also helpful in determining whether or not a trade offers enough potential to risk prior to entering the trade.

When the lines are far apart, the ATR is high. When the lines are close together, the ATR is low. This can be used to determine volatility and allow traders to buy during consolidation and sell into strength.

Thank you.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Kommentare

how to do reverse
for short positions?
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