Flexible ATR

Flexible ATR

Indicator type: Money Management; Custom, past or current ATR values for Stop Loss and Take Profit levels;

Check out also Position Smart Indicator and PSI Algo  

There a number of advantages to use the ATR for Money Management on opening, closing and maintaining positions (mostly for scaling out and trailing stop), but sometimes the values can be quite unusual. If there is a big market event that draws a huge spike in the ATR – the indicator can be off balance for number of periods. So with looking backwards you can chose more typical ATR value just before the abnormal event happened. This check is also helpful if you wish to remember and use the ATR which was available at the time of your entry and use it for trailing stop strategies.

The indicator lets you chose the period, current or past values or even put your own value which is applicable for your stop loss factor for instance. You can change the position, color, font size and font face. Also you can change the ATR appearance into pips or points (pipettes).

Enjoy!