To use this indicator generally you will:
- Select trade type: long or short
- Enter your ATR (enter the actual ATR). The indicator will then calculate and plot your SL and targets based on your values
- Default Stop Loss is ATR * 1.5
- Default Target 1 is ATR * 1.5
- Default Target 2 is ATR * 3
Using this indicator on Replay mode is great. What you do is go back in time. Hit play and as the indicator(s) you use provide signals pause.
Pull up options:
- Select trade type
- Update ATR value
- Change date to entry date. Typically if you are trading off the you are going to wait for your current day candle to close to provide signal. That would mean your entry would be on the next day.
- Click play and watch, track and record how trade unfolds.
I'd like to be able to have some way to click one button and have it fire that enter trade right now on chart. Also I'm working on figuring out how to calculate the ATR on the entry date so that isn't required to be entered.
Finally, I'd like to have some auto calculation on when targets and SL are hit. I have this partially done but it's more important that I use this indicator than spend time or funds to update it to do that. But I do plan on updating.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.