smartforexlearning

SFL ATR Bands

Many traders use ATR as a way to determine stop loss placement. It usually works like this:
- Stop loss for a short trade = high of last candle + ATR value
- Stop loss for a long trade = low of last candle – ATR value

This is an indicator that allows you to do just that: it gives you an easy way to view current and historical volatility using ATR-based price bands.


Features

The indicator is configurable with the following settings:
  • ATR period
  • ATR multiplier
  • ATR applied to highs/lows OR the close price
  • Bands offset
  • Only show for the last X candles


How To Use This Indicator

Since this indicator shows average volatility bands, it is a good measure of how much the price moves. So we can use ATR bands in a number of ways:

  • it’s an easy way to see where you can place your stop loss
  • you can use a multiple of ATR as your trade target
  • you can trail your stops alongside the ATR bands
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Comments

superb, thank you
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AnotherWalkenThePark AnotherWalkenThePark
However when I manually add 24 hour ATR from last candle onto the high of current candle or below the low of current candle, I am getting a different read. I'm keen to get to the bottom of this as my ATR is set at default but with input of 24 on an hourly chart, so I can't see where the difference would lie. Would you mind checking this to see please?
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