Targets For Many Indicators [LuxAlgo]

30 Nov 2023

The Targets For Many Indicators is a useful utility tool able to display targets for many built-in indicators as well as external indicators. Targets can be set for specific user-set conditions between two series of values, with the script being able to display targets for two different user-set conditions.

Alerts are included for the occurrence of a new target as well as for reached targets.

🔶 USAGE



Targets can help users determine the price limit where the price might start deviating from an indication given by one or multiple indicators. In the context of trading, targets can help secure profits/reduce losses of a trade, as such this tool can be useful to evaluate/determine user take profits/stop losses.

Due to these essentially being horizontal levels, they can also serve as potential support/resistances, with breakouts potentially confirming new trends.



In the above example, we set targets 3 ATR's away from the closing price when the price crosses over the script built-in SuperTrend indicator using ATR period 10 and factor 3. Using "Long Position Target" allows setting a target above the price, disabling this setting will place targets below the price.



Users might be interested in obtaining new targets once one is reached, this can be done by enabling "New Target When Reached" in the target logic setting section, resulting in more frequent targets.



Lastly, users can restrict new target creation until current ones are reached. This can result in fewer and longer-term targets, with a higher reach rate.

🔹Dashboard

A dashboard is displayed on the top right of the chart, displaying the amount, reach rate of targets 1/2, and total amount.

This dashboard can be useful to evaluate the selected target distances relative to the selected conditions, with a higher reach rate suggesting the distance of the targets from the price allows them to be reached.

🔶 DETAILS

🔹Indicators

Besides 'External' sources, each source can be set at 1 of the following Build-In Indicators:

• ACCDIST: Accumulation/distribution index
  
• ATR: Average True Range
  
• BB (Middle, Upper or Lower): Bollinger Bands
  
• CCI: Commodity Channel Index
  
• CMO: Chande Momentum Oscillator
  
• COG: Center Of Gravity
  
• DC (High, Mid or Low): Donchian Channels
  
• DEMA: Double Exponential Moving Average
  
• EMA: Exponentially weighted Moving Average
  
• HMA: Hull Moving Average
  
• III: Intraday Intensity Index
  
• KC (Middle, Upper or Lower): Keltner Channels
  
• LINREG: Linear regression curve
  
• MACD (macd, signal or histogram): Moving Average Convergence/Divergence
  
• MEDIAN: median of the series
  
• MFI: Money Flow Index
  
• MODE: the mode of the series
  
• MOM: Momentum
  
• NVI: Negative Volume Index
  
• OBV: On Balance Volume
  
• PVI: Positive Volume Index
  
• PVT: Price-Volume Trend
  
• RMA: Relative Moving Average
  
• ROC: Rate Of Change
  
• RSI: Relative Strength Index
  
• SMA: Simple Moving Average
  
• STOCH: Stochastic
  
• Supertrend
• TEMA: Triple EMA or Triple Exponential Moving Average
  
• VWAP: Volume Weighted Average Price
  
• VWMA: Volume-Weighted Moving Average
  
• WAD: Williams Accumulation/Distribution
  
• WMA: Weighted Moving Average
  
• WVAD: Williams Variable Accumulation/Distribution
  
• %R: Williams %R
  

Each indicator is provided with a link to the Reference Manual or to the Build-In Indicators page.
The latter contains more information about each indicator.

Note that when "Show Source Values" is enabled, only values that can be logically found around the price will be shown. For example, Supertrend, SMA, EMA, BB, ... will be made visible. Values like RSI, OBV, %R, ... will not be visible since they will deviate too much from the price.

🔹Interaction with settings

This publication contains input fields, where you can enter the necessary inputs per indicator.
Some indicators need only 1 value, others 2 or 3.

When several input values are needed, you need to separate them with a comma.
You can use 0 to 4 spaces between without a problem. Even an extra comma doesn't give issues.


The red colored help text will guide you further along (Only when Target is enabled)

Some examples that work without issues:


Some examples that work with issues:



As mentioned, the errors won't be visible when the concerning target is disabled

🔶 SETTINGS

• Show Target Labels: Display target labels on the chart.
  
• Candle Coloring: Apply candle coloring based on the most recent active target.
  

Target 1 and Target 2 use the same settings below:

• 
  Enable Target: Display the targets on the chart.
  Long Position Target: Display targets above the price a user selected condition is true. If disabled will display the targets below the price.
  New Target Condition: Conditional operator used to compare "Source A" and "Source B", options include CrossOver, CrossUnder, Cross, and Equal.
  

🔹Sources


Source A: Source A input series, can be an indicator or external source.
External: External source if 'External" is selected in "Source A".
Settings: Settings of the selected indicator in "Source A", entered settings of indicators requiring multiple ones must be comma separated, for example, "10, 3".



Source B: Source B input series, can be an indicator or external source.
External: External source if 'External" is selected in "Source B".
Settings: Settings of the selected indicator in "Source B", entered settings of indicators requiring multiple ones must be comma separated, for example, "10, 3".
Source B Value: User-defined numerical value if "value" is selected in "Source B".

• Show Source Values: Display "Source A" and "Source B" on the chart.
  

🔹Logic

• Wait Until Reached: When enabled will not create a new target until an existing one is reached.
  
• New Target When Reached: Will create a new target when an existing one is reached.
  
• Evaluate Wicks: Will use high/low prices to determine if a target is reached. Unselecting this setting will use the closing price.
  
• Target Distance From Price: Controls the distance of a target from the price. Can be determined in currencies/points, percentages, ATR multiples, ticks, or using multiple of external values.
  
• External Distance Value: External distance value when "External Value" is selected in "Target Distance From Price".