Average True Range Take Profit An objective method of determining an initial Take Profit and Stop Loss, based on true market volatility and not arbitrary price levels.
Take Profit Levels and Stop Loss Levels are calculated based on multiples of Average True Range
Features & Functions
Option to switch between long or short
Default Value
Take Profit 1 = 1x ATR. Take Profit 3 = 2x ATR. Take Profit 5 = 3x ATR.
Stop Loss 2 = 1.5x ATR.
Basline 13 exponential moving average (EMA) (2)
Extra options ATR
Take Profit 2 = 1,5x ATR. Take Profit 4 = 2,5x ATR. Take Profit 6 = 3,5x ATR. Take Profit 7 = 4x ATR. Take Profit 8 = 4,5x ATR. Take Profit 9 = 5x ATR.
Stop Loss 1 = 1x ATR. Stop Loss 3 = 2x ATR.
Extra options MA
Simple moving average (SMA) (1) Weighted Moving Average (WMA) (3) Hull moving average (HMA) (4) Volume Weighted Moving Average (VWMA) (5) R moving average (RMA) (6) Triple exponential moving average (TEMA) (7)
If you swtich it to a high timeframe, for example monthly. The bands will provide negative values. Is there any ways to aviod that?
Motgench
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This indicator is great. Can you add AVR -3 to this indicator? This may allow the indicator to identify areas to take profit when we are in a short position.
Motgench
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I mean ATR, typo
Plextorlittlefield
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@pigman321,
Hey m8 happy you like the ATR take profit indicator.
The settings when you start are long.
When your looking to short
Go to settings and change ***Uncheck for Close - ATR, default is Close + ATR** then lines (ATR) will flip to short.
@pigman321, sorry m8 its private at the moment. Not releasing the code if you need somthing to be added or so you can always ask and i will look in to it when i have time to code.