OPEN-SOURCE SCRIPT

ATR Trailing Stop by tactical trade 22 Oct 2024

986
Description:

The ATR Dual Trailing Stop indicator is a versatile and powerful tool designed to help traders visualize dynamic support and resistance levels based on the Average True Range (ATR). This indicator plots two separate ATR-based trailing stops with customizable settings, providing a comprehensive view of potential market reversals and trend strength.

Key features:

Two ATR Trailing Stops: The first stop uses customizable ATR settings (default: 10-period ATR with a 3x multiplier), while the second stop uses an alternate configuration (default: 21-period ATR with a 7x multiplier).
Multi-Timeframe ATR Calculation: Regardless of the chart's time frame, the ATR is calculated based on a user-selected time frame (e.g., daily), allowing for consistent stop-loss levels even in lower time frames like 5-minute or 15-minute charts.
Visual Cues: The indicator clearly plots two trailing stop lines in different colors, making it easy to track the market’s volatility-based support and resistance areas.
No Buy/Sell Signals: This is purely a trailing stop indicator with no embedded buy/sell signals, giving traders the flexibility to use it with their preferred entry/exit strategies.
This indicator is especially useful in highly volatile markets where precise trailing stop levels are essential for managing risk and maximizing profit potential. The dual ATR configuration helps traders adapt to changing market conditions by providing two levels of stop placement: a shorter-term and a longer-term trailing stop.

면책사항

이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.