ATR-Based Target & Stop-Loss

📈 ATR-Based Stop Loss & Target Finder Indicator – Description
The ATR-Based SL & Target Finder is a dynamic risk management tool designed to calculate optimal stop loss and target levels based on market volatility. It leverages the Average True Range (ATR)—a popular volatility indicator—to adaptively scale your risk according to current market conditions.

🔧 How It Works:
Input Parameters:

ATR Length (Default: 14): Determines the period over which ATR is calculated.

Risk Multiplier (for SL): The SL is calculated as a multiple of the ATR (e.g., 1.5× ATR).

Reward Multiplier (for Target): The target is calculated as a multiple of the ATR (e.g., 2× or 3× ATR).

Entry Candle Logic:

You define the entry candle (either via strategy logic or manual marking).

The indicator uses the high/low of this entry candle to place the SL and target.

Stop Loss & Target Levels:

For Long Positions:

SL = Entry Candle Low − (Risk Multiplier × ATR)

Target = Entry Price + (Reward Multiplier × ATR)

For Short Positions:

SL = Entry Candle High + (Risk Multiplier × ATR)

Target = Entry Price − (Reward Multiplier × ATR)

Visuals on Chart:

Horizontal lines or labels indicating SL and target levels.

Option to enable/disable real-time labels and color-coded zones.

✅ Key Features:
Volatility-Adjusted: Adapts to market conditions automatically.

Customizable Multipliers: Supports various risk-reward ratios (e.g., 1:2, 1:3).

Intraday & Positional: Works across timeframes (5-min to daily).

Trend-Agnostic: Can be paired with any entry strategy (EMA cross, candle rating, RSI/VWAP, etc.).

🎯 Ideal Use Case:
Traders seeking objective, emotion-free exits based on volatility—especially in fast-moving instruments like Nifty/Bank Nifty, stocks, or crypto. The indicator fits seamlessly with both manual trading setups and algo executions that require SL/target auto-calculation.