This script plots a trailing stop of the ATR multiplied by a user-defined number. Since it is meant to be used as a trailing stop, the value doesn't fluctuate with the price as a normal ATR indicator does, but stays fixed unless price moves away from it. In that case it follows the price. If price crosses the stop level, it resets itself based on current price and starts trailing all over again.
User Settings:
Support - Use for a trailing stop while long
Resistance - Use for a trailing stop while short
Both - Acts like a channel and can spot periods of lower volatility
Informacje o Wersji
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Giving additional credit to @SimpleCryptoLife as it seems like some of the code is similar to one of his indicators. Was an unintentional omission.
Thankyou sir. I like the additional feature of not flipping. Will check out your other scripts, some look very interesting.
SparkyFlary
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This thing nevers stops me out or crosses. How does this work if it even works?
millerrh
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@SparkyFlary, If you place a stop where the white line is, it will stop you out. Once it crosses the white line level, it moves to the next ATR support level. I have it so you can look at both ATR Support and ATR Resistance with settings. The ATR line will always jump out of the way once stopped out or touched so you have a new reference.