True Range Orginal

6 giorni fa

📌 Description – True Range Original
This indicator calculates the range (price spread) of the last N candles and displays it directly on the chart, along with suggested dynamic stop-loss levels based on recent volatility. Ideal for scalpers and day traders working on short timeframes such as 1-minute charts.

🔍 Features:
Calculates the difference between the highest high and lowest low of the last N bars (default: 15).

Plots a floating label with the current range value, updated every 5 candles.

Displays 4 dynamic stop levels:

For long positions:

Stop at 1x range (green line)

Stop at 1.5x range (light green line)

For short positions:

Stop at 1x range (red line)

Stop at 1.5x range (dark red line)

⚙️ Inputs:
Range period (number of bars)

Stop multiplier 1 (default: 1.0)

Stop multiplier 2 (default: 1.5)

📈 Usage:
This tool helps you size your stop-loss dynamically based on recent price action instead of using fixed values. It can be used alone or in combination with other tools like support/resistance, volume, or aggression indicators.

6 giorni fa

Note di rilascio

Fix Bugs.