Pornnarong

ATR Stop Loss and Take Profit Finder

The purpose of this tool is to help the trader determine a safe stop loss price and take profit which dynamically changes due to ATR ( Average True Range )

This tool uses the concept of


How is ATR Stop Loss and Take Profit Finder working

Step 1 ) Tool will calculate TR(True Range
Step 2) Then the TR will be used to find the Average value of X time frame, using 5 math models: RMA SMA EMA WMA and LSMA
Step 3) The value from Step 2 will be multiplied by the factor, and the result is ATR

After we got ATR Value, the Tool will find 2 lines: Upper Band and Lower Band which will function as a Stoploss value for both Short and Long trade
ATR Stop Loss and Take Profit Finder will be using Upper Band and Lower Band to calculate Take profit price. A trader can set their Target Risk Reward Ratio by setting

How to use ATR Stop Loss and Take Profit Finder
ATR Stop Loss and Take Profit Finder is not an indicator, it is only a tool to help the trader quickly find their stop loss/take profit price. t

For open long position, We comment trade to switch mode of 'Type of open Position to be long. Same as short which is need to be changed to short
Release Notes:
Add table which display the value of Entry Price/ Take Profit Price and Stoploss Price
Release Notes:
Change Defval of Src 1 and 2 to Close
Update Example Chart
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.

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.

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