Hey there, fellow traders! If you’re looking to tighten up your risk management game, the ATR Stop Loss indicator is a great tool to have in your trading arsenal. This handy indicator calculates your stop loss based on the Average True Range (ATR), giving you a dynamic way to handle volatility.
Developed based on the well-respected IgorAD's ATRStops MQL4, this indicator allows you to adjust both the multiplier and the ATR period, tailoring it to fit your specific trading style. Plus, it includes helpful functions and an example to help you run calculations through function calls. This means you can easily incorporate the logic into an external include file as needed!
What’s great about this indicator is its versatility; it works across any timeframe. Just remember to rename it to .mq4 if you're planning to use it on MetaTrader 4. And hey, if you see areas for improvement, feel free to tweak it to your liking!
One key feature to note is that this indicator does not repaint, allowing for reliable performance in your trading strategies.
Parameters to Consider:
- Length: This sets how many lookback periods you want to check for bar price.
- ATRperiod: This is the period for calculating the ATR.
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