OPEN-SOURCE SCRIPT
ATR stop and threshold value
One can use the average true range for both entries and stops. A possible way to reduce false breakouts is to enter (say) at 0.5 * atr above the breakout level. Then you could use a 1.0*atr for a stop setting. This indicator allows you to set entries and stops for both long and short setups directly on the chart. I use it with breakout systems as it allows me to easily setup my trades.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.