ATR+

8 Oca 2023

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.

2 Şub 2023

Sürüm Notları

• Moved the Balance input to be the first thing so it's easier to find
  
• Added support for smoothing the data
  
• Added a toggle that will plot the ATR value, as in the classic ATR indicator on Trading View
  
• Added a toggle that will display the ATR value as a percentage of closing price. This can help to identify volatile assets when trading.
  

Regarding the ATR%: this can help you find assets that are more volatile, which means you need less capital to have the same amount of risk in a trade. For example, BOIL is a much more volatile asset than SPY or XAUUSD. This value isn't intended to be used as a signal, but it can serve as a reference point. ATR calculations for TP/SL are still done using the unsmoothed, regular ATR value; this is by design.

9 Şub 2023

Sürüm Notları

Made a few cosmetic changes to the descriptions / typos

19 Şub

Sürüm Notları

Updated by adding a "Relative Values" toggle. By default, the indicator shows the calculated TP and SL based on user-defined risk. If enabled, it will instead calculate the actual TP and SL levels using the current closing price.

19 Şub

Sürüm Notları

Forgot to take longs and shorts into account! The easiest workaround for this seems to be outputting another plot line. Sorry for the confusion