OPEN-SOURCE SCRIPT
ATR+
Updated
This is an indicator which uses the ATR (average true range) to calculate take profit levels, stop loss levels, and position sizing.
It acts an ATR indicator, based on concepts found in the No Nonsense Forex (NNFX) trading system.
ATR works by looking at the past N periods (14 by default) to see on average, how many pips or dollars an asset has moved. It is widely used by itself or as part of another indicator.
This script also implements money/risk management to determine:
Take Profit: 1.00x ATR (default)
Stop Loss: 1.50x ATR (default)
Risk: 2% of account size (default)
Position Sizing: How many lots/shares/units you need to achieve the indicated risk
Trade Value: The total cost of the lots/shares/units
This indicator only displays information in the status line. It does not guarantee a successful trade, and is only intended to be used to calculate take profit and stop loss levels, or as a point of reference when entering trades. Always do your own research.
It acts an ATR indicator, based on concepts found in the No Nonsense Forex (NNFX) trading system.
ATR works by looking at the past N periods (14 by default) to see on average, how many pips or dollars an asset has moved. It is widely used by itself or as part of another indicator.
This script also implements money/risk management to determine:
Take Profit: 1.00x ATR (default)
Stop Loss: 1.50x ATR (default)
Risk: 2% of account size (default)
Position Sizing: How many lots/shares/units you need to achieve the indicated risk
Trade Value: The total cost of the lots/shares/units
This indicator only displays information in the status line. It does not guarantee a successful trade, and is only intended to be used to calculate take profit and stop loss levels, or as a point of reference when entering trades. Always do your own research.
Release Notes
- Moved the Balance input to be the first thing so it's easier to find
- Added support for smoothing the data
- Added a toggle that will plot the ATR value, as in the classic ATR indicator on Trading View
- Added a toggle that will display the ATR value as a percentage of closing price. This can help to identify volatile assets when trading.
Regarding the ATR%: this can help you find assets that are more volatile, which means you need less capital to have the same amount of risk in a trade. For example,
BOIL is a much more volatile asset than 
SPY or 
XAUUSD. This value isn't intended to be used as a signal, but it can serve as a reference point. ATR calculations for TP/SL are still done using the unsmoothed, regular ATR value; this is by design.Release Notes
Made a few cosmetic changes to the descriptions / typosRelease Notes
Updated by adding a "Relative Values" toggle. By default, the indicator shows the calculated TP and SL based on user-defined risk. If enabled, it will instead calculate the actual TP and SL levels using the current closing price.Release Notes
Forgot to take longs and shorts into account! The easiest workaround for this seems to be outputting another plot line. Sorry for the confusionOpen-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.