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Dynamic SL/TP Levels (ATR or Fixed %)
This indicator, "Dynamic SL/TP Levels (ATR or Fixed %)", is designed to help traders visualize potential stop loss (SL) and take profit (TP) levels for both long and short positions, refreshing dynamically on each new bar. It assumes entry at the current bar's close price and uses a fixed 1:2 risk-reward ratio (TP is twice the distance of SL in the profit direction). Levels are displayed in a compact table in the chart pane for easy reference, without cluttering the main chart with lines.
Key Features:
Calculation Modes:
ATR-Based (Dynamic): SL distance is derived from the Average True Range (ATR) multiplied by a user-defined factor (default 1.5x). This adapts to the asset's volatility, providing breathing room based on recent price movements.
Fixed Percentage: SL is set as a direct percentage of the current close price (default 0.5%), offering consistent gaps regardless of volatility.
Long and Short Support: Calculates and shows SL/TP for longs (SL below close, TP above) and shorts (SL above close, TP below), with toggles to hide/show each.
Real-Time Updates: Levels recalculate every bar, making them readily available for entry decisions in your trading system.
Display: Outputs to a table in the top-right pane, showing precise values formatted to the asset's tick size (e.g., full decimal places for crypto).
How to Use:
Add the indicator to your chart via TradingView's Pine Editor or library.
Adjust settings:
Toggle "Use ATR?" on/off to switch modes.
Set "ATR Length" (default 14) and "ATR Multiplier for SL" for dynamic mode.
Set "Fixed SL %" for percentage mode.
Enable/disable "Show Long Levels" or "Show Short Levels" as needed.
Interpret the table: Use the displayed SL/TP values when your strategy signals an entry. For risk management, combine with position sizing (e.g., risk 1% of account per trade based on SL distance).
Example: On a volatile asset like BTC, ATR mode might set a wider SL for realism; on stable pairs, fixed % ensures predictability.
This tool promotes disciplined trading by tying levels to price action or fixed rules, but it's not financial advice—always backtest and use with your full strategy. Feedback welcome!
Key Features:
Calculation Modes:
ATR-Based (Dynamic): SL distance is derived from the Average True Range (ATR) multiplied by a user-defined factor (default 1.5x). This adapts to the asset's volatility, providing breathing room based on recent price movements.
Fixed Percentage: SL is set as a direct percentage of the current close price (default 0.5%), offering consistent gaps regardless of volatility.
Long and Short Support: Calculates and shows SL/TP for longs (SL below close, TP above) and shorts (SL above close, TP below), with toggles to hide/show each.
Real-Time Updates: Levels recalculate every bar, making them readily available for entry decisions in your trading system.
Display: Outputs to a table in the top-right pane, showing precise values formatted to the asset's tick size (e.g., full decimal places for crypto).
How to Use:
Add the indicator to your chart via TradingView's Pine Editor or library.
Adjust settings:
Toggle "Use ATR?" on/off to switch modes.
Set "ATR Length" (default 14) and "ATR Multiplier for SL" for dynamic mode.
Set "Fixed SL %" for percentage mode.
Enable/disable "Show Long Levels" or "Show Short Levels" as needed.
Interpret the table: Use the displayed SL/TP values when your strategy signals an entry. For risk management, combine with position sizing (e.g., risk 1% of account per trade based on SL distance).
Example: On a volatile asset like BTC, ATR mode might set a wider SL for realism; on stable pairs, fixed % ensures predictability.
This tool promotes disciplined trading by tying levels to price action or fixed rules, but it's not financial advice—always backtest and use with your full strategy. Feedback welcome!
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Don't force a trade. Wait for your setup, be patient. Trade ideas are my own and not financial advice, I'm a monkey with a phone for crying out loud.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Don't force a trade. Wait for your setup, be patient. Trade ideas are my own and not financial advice, I'm a monkey with a phone for crying out loud.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.