The indicator shows ATR targets (TP and SL) from the last swing points (if you entered there)
There is an option to chose targets for a long or short position.
I build these indicators for myself and provide them open source, to use for free to use and improve upon,
as I believe the best way to learn is toghether.
If, however, you value these contributions, feel free to leave a little something in the tip-jar for my next coffee break ;-)
The "APR" or "Average Pivot Range" is an indicator I created that calculates the difference between the highest and the lowest points of the last price swing (the last Pivot Range) and takes an average of that "swing amplitude" over a given lookback period.
The indicator shows ATR targets (TP and SL) from the close of the candle when the swing is detected (to give a realistic entry point)
or, in the case of APR, at the last high or low swing points (to show the likely expected extend of the move to the next swing point).
For the APR, the Average Range is calculated seperately for the 'up" and "down" moves, so the expected up move will be different to an expected down move,
because of that a factor of "1" is recommended for both TP and SL when using APR.
Thanks to Scarff for the code!!!
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
A little tip is always nice!
this is the ATR based version (TP x 1,SL x 1.5)
this is the APR based version (TP x 1, SL x 1)
The indicator can also be used as a Trailing Stop,
for clarity you can deselect the TP line to use as TS
You can also chose to color the entry, TP and SL bars.
TP_fact=input(1,title="TP factor x ATR/APR")
TP_fact=input(1.0,title="TP factor x ATR/APR")
and you should be able to insert decimanl numbers.