ATR Trailing Stop Indicator
I rely on this script for both my live trading and my backtesting process. I couldn’t live without it. It’s extremely simple – all it does is calculate your trailing stop price.
How It Works
The first number in blue is the current ATR (pips). The second number in green is your trailing stop loss price for Long trades, and the third number in red is your trailing stop loss price for Short trades.
For short trades, the stop loss price is calculated by adding the current ATR value to the highest-high of the given lookback period.
For long trades, the stop loss price is calculated by subtracting the current ATR value from the lowest-low of the given lookback period.
ATR period (how many candles to include in the calculation).
If set to true, the script will use swing lows and highs in its calculation. If set to false, the script will ignore swing lows and highs and give you the distance of the ATR from the current candle close instead.
How Far To Look Back For High/Lows:
Candle lookback period for swing high/lows.
ATR X ?:
This controls your ATR multiplier. For example, if you want to use a 2x ATR stop, set this to 2.
The source code for this particular script is private.
If you’d like to purchase access to all of my source code including detailed video lessons explaining how and why it was written, then you can find more information over at www.pinescriptmastery.com.
And if not that’s fine! No hard feelings. Not everyone is willing to invest in their education and I respect that decision. But feel free to help yourself to my wealth of other open-source scripts.
Last Updated: 10th September, 2019