OPEN-SOURCE SCRIPT
Stop Loss Indicator
Updated
The stop loss indicator is a single trade indicator to manage risk
It tells you the size of the trade you should enter and lets you know where to place stops and when and where to trail your stops to based on ATR, given your entry price and risk amount.
Set the date and time once trade is active and once ATR moves above(long)/below(short) entry price you can move your stop loss following the green triangles.
Short
green triangle down => high + (ATR * 1.5)
red triangle up => low + (ATR * 1.5)
Long
green triangle up => low - (ATR * 1.5)
red triangle down => high - (ATR * 1.5)
It tells you the size of the trade you should enter and lets you know where to place stops and when and where to trail your stops to based on ATR, given your entry price and risk amount.
Set the date and time once trade is active and once ATR moves above(long)/below(short) entry price you can move your stop loss following the green triangles.
Short
green triangle down => high + (ATR * 1.5)
red triangle up => low + (ATR * 1.5)
Long
green triangle up => low - (ATR * 1.5)
red triangle down => high - (ATR * 1.5)
Release Notes
Improved and clearer visualization of stop loss hover on end stop loss label for more details
Release Notes
Fixed 15 min positioningOpen-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
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