Interactive ATR Trailing Stops with Manual Direction and Targets

Summary

This indicator lets a user choose a chart location to start an ATR-based trailing stop, placing the start point below price for a long setup or above price for a short setup. The stop distance is derived from a selected moving average of true range and a multiplier. As price moves favorably, the long stop ratchets upward or the short stop downward; users can choose whether a wick or a closing price triggers the stop.

An optional target can be set at a fixed price or by a risk/reward multiple calculated from the close and the initial ATR stop. The script displays stop and target levels, fills, labels, and hit markers, and includes alert message formatting. It also warns when the initial stop overlaps the selected bar. This is an interactive charting and trade-management aid, not evidence that ATR stops or target settings are profitable; the document provides no performance results, and trigger behavior depends on the selected rule and chart data.

Key ideas

• The user selects a start bar and price to establish a long or short ATR trailing stop.
• The stop is based on a chosen moving average of true range multiplied by a configurable factor.
• A wick-based or close-based condition determines when the stop is considered hit.
• Optional profit targets use either a specified price or a risk/reward calculation from the close and initial stop.
• The indicator visualizes levels and events but provides no evidence of trading performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.