OPEN-SOURCE SCRIPT

TP/SL Bands (mishy)

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Summary:
A simple target and stop-loss visualization tool with multiple algorithms for ease of use. Initially designed as an overlay for other indicators (e.g., FFF), it can also help users explore different approaches to TP/SL calculation in a practical way.

Calculations:

  • Fixed ATR: Targets and stop-loss levels are derived using ATR multiples, adapting to market volatility.
  • Harmonic: Uses structural price relationships and pattern-based projections to estimate TP/SL zones.
  • Price %: Calculates targets based on a fixed percentage move from the selected price source.
  • Points: Uses absolute point distance for TP/SL, useful for instruments with stable tick behavior.


Disclaimer:
All credit goes to the TradingView open-source community for developing these powerful calculations and algorithms. This tool is simply a refined combination of a few of those valuable public contributions.

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