Editors' picksOPEN-SOURCE SCRIPTInteractive ATR Stop-Loss [TANHEF]
Updated
This indicator is "Interactive" which means some inputs can are manually added through the first click after adding the indicator to the chart (ATR Trailing Stop-loss start point). See images below for more explanation.
Why use a trailing stop-loss?
A trailing stop-loss provides an exit when price moves against you but also enables you to move the exit point further into profit when price is moving in the desired direction of a trade. The ATR (Average True Range) which is used to measure volatility, is very effective at functioning as a trailing stop loss.
Indicator Explanation
Initially when this indicator is added to the chart, you will be prompted to select where to begin the ATR Trailing Stop-loss.
For a long stop-loss, select below price.
For a short stop-loss, select above price.
After this indicator is placed, it can be modified via dragging or from within the settings by modifying the time and the price input. Or simply re-add the indicator to the chart.
The ATR Stop Loss plotted. Note that the trailing value that is considered as the stop loss value is the value of the ATR from the prior candle. The settings for the ATR calculation can be modified within the settings.
An optional fixed profit target can be added within the settings. This profit target will only actively be plotted when the ATR Trailing Stop-loss has not be hit hit yet or until the profit target has been hit.
Here shows that the profit target was hit, then later on the ATR Trailing Stop-loss was hit.
Note, trailing stop-loss will continue to be plotted until it has been hit regardless of the profit target being hit or not.
Alerts
1. 'Check' alerts to use within indicator settings (trailing stop hit and/or profit target hit).
2. Select 'Create Alert'
3. Set the condition to 'Interactive ATR''
4. Select create.
Why use a trailing stop-loss?
A trailing stop-loss provides an exit when price moves against you but also enables you to move the exit point further into profit when price is moving in the desired direction of a trade. The ATR (Average True Range) which is used to measure volatility, is very effective at functioning as a trailing stop loss.
Indicator Explanation
Initially when this indicator is added to the chart, you will be prompted to select where to begin the ATR Trailing Stop-loss.
For a long stop-loss, select below price.
For a short stop-loss, select above price.
After this indicator is placed, it can be modified via dragging or from within the settings by modifying the time and the price input. Or simply re-add the indicator to the chart.
The ATR Stop Loss plotted. Note that the trailing value that is considered as the stop loss value is the value of the ATR from the prior candle. The settings for the ATR calculation can be modified within the settings.
An optional fixed profit target can be added within the settings. This profit target will only actively be plotted when the ATR Trailing Stop-loss has not be hit hit yet or until the profit target has been hit.
Here shows that the profit target was hit, then later on the ATR Trailing Stop-loss was hit.
Note, trailing stop-loss will continue to be plotted until it has been hit regardless of the profit target being hit or not.
Alerts
1. 'Check' alerts to use within indicator settings (trailing stop hit and/or profit target hit).
2. Select 'Create Alert'
3. Set the condition to 'Interactive ATR''
4. Select create.
Release Notes
A blue circle (🔵) is displayed at the initial *clicked* location (start point). Dragging this blue circle will also modify the start point of the ATR Trailing Stop-Loss.Release Notes
Alerts now have customizable messages.Additional details can be added to the message using these words in between Curly (Brace) Brackets:
- {{trail}} = ATR trailing stop-loss (price)
- {{upper}} = Upper ATR band (price)
- {{lower}} = Lower ATR band (price)
- {{band}} = Lower or Upper trailing (word)
- {{type}} = Long or Short stop-loss (word)
- {{traildistance}} = Trailing Distance (%)
- {{targetdistance}} = Target Distance (%)
- {{starttime}} = Start time of trailing (day:hour:minute)
- {{target}} = Price target (price)
- {{trigger}} = Wick or Close Trigger input option (input)
- {{atrlength}} = ATR length (input)
- {{atrmultiplier}} = ATR multiplier (input)
- {{atrma}} = ATR MA type (input)
- {{ticker}} = Ticker of chart (word)
- {{exchange}} = Exchange of chart (word)
- {{description}} = Description of ticker (words)
- {{close}} = Bar close (price)
- {{open}} = Bar open (price)
- {{high}} = Bar high (price)
- {{low}} = Bar low (price)
- {{hl2}} = Bar HL2 (price)
- {{volume}} = Bar volume (value)
- {{time}} = Current time (day:hour:minute)
- {{interval}} = Chart timeframe
- {{newline}} = New line for text
Default Alert Message Input:
{{band}} ATR Trailing Stop Hit at {{trail}} ({{type}}){{newline}}{{ticker}}
Default Alert Message Output:
Lower ATR Trailing Stop Hit at 25 (Long)
BTCUSD
Release Notes
Risk/Reward ratio profit target option added.Check out the new and improved version of this indicator! (Limit Order + ATR Stop-Loss)
https://www.tradingview.com/script/R41ziqma-Limit-Order-ATR-Stop-Loss-TANHEF/
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 publication is governed by House rules. You can favorite it to use it on a chart.
tanhef.com/
Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
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.