You may have heard that it's highly advised you should know where your target and stoploss points are before you enter a trade. One of the great indicators in history is the average true range a.k.a ATR.
Here is how you can use the ATR to set your target at 1.5 x ATR and stoploss at 2 x ATR: This indicator shows you where the 1.5 x ATR and 2 x ATR from bar close on chart instead of manually calculating it by hand.
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Hello Traders,
This indicator is based on ATR and helps you set your target and stoploss easily without manually calculating it.
How to use this indicator: Long: Choose your favorite x ATR (1.5 or 2) then you can set your target on the same bar you placed your long
Short: Choose your favorite x ATR (-1.5 or -2) then you can set your stop loss on the same bar you placed your short