The Ranges With Targets indicator is a tool designed to assist traders in identifying potential trading opportunities on a chart derived from breakout trading. It dynamically outlines ranges with boxes in real-time, providing a visual representation of price movements. When a breakout occurs from a range, the indicator will begin coloring the candles. A green candle signals a long breakout, suggesting a potential upward movement, while a red candle indicates a short breakout, suggesting a potential downward movement. Grey candles indicate periods with no active trade. Ranges are derived from daily changes in price action.
This indicator builds upon the common breakout theory in trading whereby when price breaks out of a range; it may indicate continuation in a trend.
Additionally, users have the ability to customize their risk-reward settings through a multiplier referred to as the Target input. This allows traders to set their Take Profit (TP) and Stop Loss (SL) levels according to their specific risk tolerance and trading strategy.
Furthermore, the indicator offers an optional stop loss setting that can automatically exit losing trades, providing an additional layer of risk management for users who choose to utilize this feature.
A dashboard is provided in the top right showing the statistics and performance of the indicator; winning trades; losing trades, gross profit and loss and PNL. This can be useful when analyzing the success of breakout trading on a particular asset or timeframe.
@ChartPrime, I add it ranges with targets to my favorites but it's not showing kindly assist me on this matter.
has001u
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Great work! Am trying to get the SL line to show. The code says RED but it is not there.
jack-tamara
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Thanks Bro,as always your script is great🙏
pureHead95751
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I add to my favorites but it's not showing
legacyliked
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This is very appetizing! IMO the Win Rate should stand a higher rate if "the system" included the Strengths of the Trend, meaning Only trades in the direction of the Trend will Fire. Have a look at Multi Timeframe Trend Strength by federalTacos5392b and see what the possibilities could be!