OPEN-SOURCE SCRIPT
Updated ATR Stop Level Checker
Dynamic position sizing indicator - calculates difference of ATR of last price.
Manually input risk based on your account size = If 100,000 account, risk 0.5% a trade = $500 risk
This calculates shares based on ATR and LOD.
Changeable settings of 3 ATR % lines
If atr = 1
50% = .5
66% = .66
100% = 1
I use this to make sure my stop is never more than 1 ATR, and that my entry isn't extended from the low of day - letting me know my entry is not extended intraday. Jeff Sun uses 60% LOD maximum, this ensures he takes an optimal entry and his risk is not considered extended of the ATR.
Manually input risk based on your account size = If 100,000 account, risk 0.5% a trade = $500 risk
This calculates shares based on ATR and LOD.
Changeable settings of 3 ATR % lines
If atr = 1
50% = .5
66% = .66
100% = 1
I use this to make sure my stop is never more than 1 ATR, and that my entry isn't extended from the low of day - letting me know my entry is not extended intraday. Jeff Sun uses 60% LOD maximum, this ensures he takes an optimal entry and his risk is not considered extended of the ATR.
Release Notes
Dynamic position sizing indicator - calculates difference of ATR of last price.Manually input risk based on your account size = If 100,000 account, risk 0.5% a trade = $500 risk
This calculates shares based on ATR and LOD.
Changeable settings of 3 ATR % lines
If atr = 1
50% = .5
66% = .66
100% = 1
I use this to make sure my stop is never more than 1 ATR, and that my entry isn't extended from the low of day - letting me know my entry is not extended intraday. Jeff Sun uses 60% LOD maximum, this ensures he takes an optimal entry and his risk is not considered extended of the ATR.
Update V2 added Long/Short option
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.