This is an indicator which uses the ATR (average true range) to calculate take profit levels, stop loss levels, and position sizing.
It acts an ATR indicator, based on concepts found in the No Nonsense Forex (NNFX) trading system.
ATR works by looking at the past N periods (14 by default) to see on average, how many pips or dollars an asset has moved. It is widely used by itself or as part of another indicator.
This script also implements money/risk management to determine:
Take Profit: 1.00x ATR (default)
Stop Loss: 1.50x ATR (default)
Risk: 2% of account size (default)
Position Sizing: How many lots/shares/units you need to achieve the indicated risk
Trade Value: The total cost of the lots/shares/units
This indicator only displays information in the status line. It does not guarantee a successful trade, and is only intended to be used to calculate take profit and stop loss levels, or as a point of reference when entering trades. Always do your own research.