OPEN-SOURCE SCRIPT
Updated ATR stop loss
Plots the stop loss level based on average true range (ATR) and a multiplier of choice (1 to 2.5, default is 1.5), subtracted from closing price.
Additions in this version:
You can now show percentage labels to help evaluate the level of risk.
The color of the plotted line and the text labels can be picked by the user.
Additions in this version:
You can now show percentage labels to help evaluate the level of risk.
The color of the plotted line and the text labels can be picked by the user.
Release Notes
Plots the stop loss level based on average true range (ATR) and a multiplier of choice (1 to 2.5, default is 1.5). Percentage labels can also be shown (to help evaluate risk) and the user can pick the color of the line and text.Release Notes
Plots the stop loss level based on average true range (ATR) and a multiplier of choice (1 to 2.5, default is 1.5).Percentage labels can also be shown and the user can pick the color of the line and text.
Release Notes
Version 2:- Added support for a user-defined ATR-multiplier to add flexibility.
- There is a longer list of preset values in the multiplier list.
- Default color and line style has been changed.
- The code has been a bit reorganized.
Example usage:
Either pick a preset value of choice to plot a stop loss level (default is 1.5*ATR), or set a user-defined multiplier (for example a stock's beta).
If the user-defined multiplier is 1 the preset value will be used (if a bad value is given, it will be set to 1).
Good luck with your risk management and have a happy trading journey.
Release Notes
ATR stop loss v3:- The user can now select alternative price sources (default is closing price).
- Labels are shown 250 periods back (about one year on a daily chart)
- Some reorganization in the input dialog
Release Notes
Version 4 (clarification: for bullish scenarios only). Now with trailing stop loss. The trailing SL can be activated from a date given by the user and will be deactivated when the trailing stoploss level is triggered by the price (low).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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.