OPEN-SOURCE SCRIPT
MTF ATR Stop Loss Lines
MTF ATR Stop Loss Lines (v6) is a lightweight, high-utility technical analysis tool designed to streamline risk management and stop-loss placement. Instead of manually calculating Average True Range (ATR) distances across different intervals, this script automatically fetches volatility data from any higher timeframe and dynamically projects precise stop-loss levels directly onto your current chart.
By overlaying the calculated risk channels on both sides of the asset's current price, traders can instantly visualize their maximum risk exposure for both long and short market setups.
➡️ Key Features
Multi-Timeframe Engine: Pull volatility data from higher charts (e.g., Daily, 4-Hour) to protect your lower-timeframe execution from broader market noise.
Custom Risk Multiplier: Tailor your stop-loss buffer to match your specific risk tolerance or market asset volatility rules.
Visual Symmetry: Displays dual step-lines above and below the price action for instantaneous Long or Short trade planning.
Pine Script v6 Optimized: Engineered using the newest compiler version for maximum speed, strict type stability, and zero chart lag.
💡 How to Use
Long Positions: Utilize the Green (Lower) Line as your baseline invalidation level.
Short Positions: Utilize the Red (Upper) Line as your baseline invalidation level.
Pro-Tip: If you trade a volatile asset like Crypto or FX, increase the multiplier to 2.0 or 2.5 to avoid getting prematurely stopped out by sudden liquidity wicks.
By overlaying the calculated risk channels on both sides of the asset's current price, traders can instantly visualize their maximum risk exposure for both long and short market setups.
➡️ Key Features
Multi-Timeframe Engine: Pull volatility data from higher charts (e.g., Daily, 4-Hour) to protect your lower-timeframe execution from broader market noise.
Custom Risk Multiplier: Tailor your stop-loss buffer to match your specific risk tolerance or market asset volatility rules.
Visual Symmetry: Displays dual step-lines above and below the price action for instantaneous Long or Short trade planning.
Pine Script v6 Optimized: Engineered using the newest compiler version for maximum speed, strict type stability, and zero chart lag.
💡 How to Use
Long Positions: Utilize the Green (Lower) Line as your baseline invalidation level.
Short Positions: Utilize the Red (Upper) Line as your baseline invalidation level.
Pro-Tip: If you trade a volatile asset like Crypto or FX, increase the multiplier to 2.0 or 2.5 to avoid getting prematurely stopped out by sudden liquidity wicks.
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.