Quadrigo Average True Range
An objective method of determining an initial Take Profit and Stop Loss, based on true market and not arbitrary price levels.
Features & Functions
Quadrigo ATR can be set to any source to analyze price data.
Best Options = Close, HL2 , HLC3, OHLC4. Another indicator, moving average, etc. can also be selected.
Take Profit Levels and Stop Loss Levels are calculated based on multiples of ATR.
Default Values are Stop Loss = 1.5x ATR.
Take Profit 1 = 1x ATR. (Take 50% Profit and move stop-loss to break even at this level, or set a Trailing Stop Loss ( TSL ))
Take Profit 2 = 2x ATR. (Take 30% Profit and move stop-loss to Take Profit 1 at this level, or set a TSL )
Take Profit 3 = 3x ATR. (Exit Trade, or set a TSL with a value equal to Take Profit 2 at this level.)
To give clear objective stop losses and take profit levels based off price , rather than arbitrary price levels, percentage points, ticks, pips, etc.
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-Added ATR % to calculations.
-Fixed indicator so that the lines are transparent and sits in the main window as an overlay indicator, therefore not taking up an indicator pane at the bottom of the screen.
-Fixed colors for better clarity. Yellow = Stop Losses. Lime = Long Take Profits. Aqua = Short Take Profits. White = Data.
Easily plot/unplot overlay lines by selecting "Plot for Longs" or "Plot for Shorts" from the input window.
All Data is still accessible in the Data Window as usual.
-Select source from which to measure ATR. Close, Low, HL2, HLC3, OHLC4.
-Added 'Qualifier Line' per PTP strategy. A white or black line will be plotted onto the chart the value of ATR above your selected Base Line to easily help identify whether a trade qualifies or not.
-Input settings to change Base Line.
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