Daveatt

BEST ATR Stop Multiple Strategy

Hello traders

Here we go again.... with another strategy snippet.
Reminder: it's an alternative of this Trailing Stop strategy script

Entry logic

The entry is based on a Simple Moving Averages ( SMA ) cross.
This part doesn't matter here - as I wanted to focus on the ATR multiple stop loss component.

ATR STOP

This strategy snippet uses an entry stop loss defined based on a multiple of the average true range value.
The soure code detects ATR value at entry price, applies the multiplier and will set a static (= non trailing) stop-loss to each position
A pinescript v4 label will appear for each new signal displaying the ATR*multiplier value at signal time

All the BEST
Dave
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Great work
100 coins
+1 Reply
Daveatt YTNS477
@YTNS477, Much appreciated donation
Thanks so much
Reply
Very nice mate, was looking for this for a long time. One question: what is the purpose of line 42?
+3 Reply
CUBYC CUBYC
@CUBYC, And line 69 ---stop_price = 0.0, stop_price := nz(stop_price)---
I do not see any use of line 42 and 69, is your code incomplete or incorrect as stop_price sounds important?
+1 Reply
CUBYC CUBYC
@CUBYC, Lines 11 and 116 again no use...this seems incomplete mate , just want to attention you to improve this as is very useful
+1 Reply
Daveatt CUBYC
@CUBYC, correct if it's not used below, it's a mistake
+1 Reply
GREAT WORK . STAY BLESSED
+3 Reply
Daveatt NareshBiyani
@NareshBiyani, thank you
+1 Reply
Wow great job on this script! I traded long on BYND with this today and a gain of 2R . $550 =). BYND. One question. What does pyramiding mean? Thank you much for this !!!!!
+2 Reply
Daveatt DoubleDeez
@DoubleDeez, pyramiding refers to re-entries on a trend
Example: you go long, then add other longs within a BULLISH trend
+3 Reply
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