This is an indicator that I have written which is based on code from lots of other indicators. I have never written LUA code before so it might not be as clean as it should be but it does the job. It allows you to see where to place stops and how many lots you can buy/sell in order not to go over a certain percentage risk for the trade. Almost everything is adjustable including the risk percentage, ATR multiplier and profit multiplier.
A lot of people will place their stops at 1.5x the current ATR value in order to avoid getting stopped out but they do not want to risk more than 1% of their account on any one trade. This indicator will place a red dot above and below the closing value of a candle which represents either 1.5x ATR or 1% risk level whichever is less. It also places a blue dot at twice the distance so that you can see the 2:1 risk ratio point for the trade. I use the blue dots to eyeball the size of the channel to see if it is worthwhile trading and the red dots to place my stops.
The indicator will also show the distance in pips to the red dots (below the candle) and the number of lots you can trade and still stay under 1% (above the candle). The number of pips is useful to set trailing stops and the lot size does the calculation for you to enable you to maximise the trade without risking more than you want to risk.
All of the numbers and colours are adjustable parameters so you could have 2x ATR and 3% risk with a 1.5x profit target if you wanted. The ATR parameters are also adjustable so you can use the last 14 days or 5 days or anything you want. You can also specify if you want it over just one candle or multiple candles to spot trends. The ability to have it over the last candle (still forming) is also a parameter.
I find it very useful for me, I hope someone else finds it useful as well.
MT4/MQ4 version.
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