OPEN-SOURCE SCRIPT
Updated ATR Stop Loss Labels (Long / Short)
ATR Stop Loss Labels (Long / Short)
Description:
This indicator provides a clean and practical way to calculate and display ATR-based stop loss levels directly on the chart—without cluttering it with lines.
Instead of drawing dynamic lines, it shows clear labels for Long and Short stop levels on the latest candle, making it ideal for traders who want precise risk levels without visual noise.
How it works:
The script uses the Average True Range (ATR) to measure market volatility.
A user-defined multiplier is applied to the ATR to calculate stop distances.
Stop levels are updated in real-time based on the latest price.
Stop Loss Logic:
Long SL: Close − (ATR × Multiplier)
Short SL: Close + (ATR × Multiplier)
Features:
Toggle between Long, Short, or Both stop loss labels
Clean label-based display (no lines, no clutter)
Real-time updates on the latest candle
Built-in ATR value display table
Customizable colors and settings
Best Use Cases:
Intraday trading (15m / 1H)
Swing trading (4H / 1D)
Works well with trend-following systems (EMA, RSI, etc.)
Ideal for traders who prefer manual entries with structured risk management
Recommended Settings:
Multiplier 1.5–2.0 → tighter stops (intraday)
Multiplier 2.0–2.5 → wider stops (swing trades)
Notes:
This indicator does not generate buy/sell signals.
It is designed purely for risk management and stop placement.
For best results, combine it with your own entry strategy.
Summary:
A simple, professional tool to define stop losses using volatility—focused on clarity, speed, and practical trading execution.
Description:
This indicator provides a clean and practical way to calculate and display ATR-based stop loss levels directly on the chart—without cluttering it with lines.
Instead of drawing dynamic lines, it shows clear labels for Long and Short stop levels on the latest candle, making it ideal for traders who want precise risk levels without visual noise.
How it works:
The script uses the Average True Range (ATR) to measure market volatility.
A user-defined multiplier is applied to the ATR to calculate stop distances.
Stop levels are updated in real-time based on the latest price.
Stop Loss Logic:
Long SL: Close − (ATR × Multiplier)
Short SL: Close + (ATR × Multiplier)
Features:
Toggle between Long, Short, or Both stop loss labels
Clean label-based display (no lines, no clutter)
Real-time updates on the latest candle
Built-in ATR value display table
Customizable colors and settings
Best Use Cases:
Intraday trading (15m / 1H)
Swing trading (4H / 1D)
Works well with trend-following systems (EMA, RSI, etc.)
Ideal for traders who prefer manual entries with structured risk management
Recommended Settings:
Multiplier 1.5–2.0 → tighter stops (intraday)
Multiplier 2.0–2.5 → wider stops (swing trades)
Notes:
This indicator does not generate buy/sell signals.
It is designed purely for risk management and stop placement.
For best results, combine it with your own entry strategy.
Summary:
A simple, professional tool to define stop losses using volatility—focused on clarity, speed, and practical trading execution.
Release Notes
What’s New:1. Percentage-Based Distances
Stop Loss and Take Profit levels now display distance in %
Helps quickly evaluate risk without manual calculation
Included in both:
Chart labels (SL / TP1 / TP2 / TP3)
Summary table
2. Risk-to-Reward Clarity (R-Based TP System)
Take Profit levels are calculated using R multiples (1R / 2R / 3R)
Directly linked to your defined SL distance
Ensures consistent and structured trade planning
3. Improved Label Positioning
Labels are now:
Horizontally offset (to the right of price)
Vertically staggered (based on ATR)
Eliminates overlap between SL and TP levels
Keeps the chart clean and readable
4. Fully Customizable Layout
Adjustable label offsets (SL, TP1, TP2, TP3)
Adjustable vertical spacing via ATR multiplier
Custom colors for Long / Short setups
Why this matters:
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.