OPEN-SOURCE SCRIPT
atr stop loss for double SMA v6
Strategy Name
atr stop loss for double SMA v6
Credit: This v6 update is based on Daveatt’s “BEST ATR Stop Multiple Strategy.”
Core Logic
Entry: Go long when the 15-period SMA crosses above the 45-period SMA; go short on the inverse cross.
Stop-Loss: On entry, compute ATR(14)×2.0 and set a fixed stop at entry ± that amount. Stop remains static until hit.
Trend Tracking: Uses barssince() to ensure only one active long or short position; stop is only active while that trend persists.
Visualization
Plots fast/slow SMA lines in teal/orange.
On each entry bar, displays a label showing “ATR value” and “ATR×multiple” positioned at the 30-bar low (long) or high (short).
Draws an “×” at the stop-price level in green (long) or red (short) while the position is open.
Execution Settings
Initial Capital: $100 000, Size = 100 shares per trade.
Commission: 0.075% per trade.
Pyramiding: 1.
Calculations: Only on bar close (no intra-bar ticks).
Usage Notes
Static ATR stop adapts to volatility but does not trail.
Ideal for trending, liquid markets (stocks, futures, FX).
Adjust SMA lengths or ATR multiple for faster/slower signals.
atr stop loss for double SMA v6
Credit: This v6 update is based on Daveatt’s “BEST ATR Stop Multiple Strategy.”
Core Logic
Entry: Go long when the 15-period SMA crosses above the 45-period SMA; go short on the inverse cross.
Stop-Loss: On entry, compute ATR(14)×2.0 and set a fixed stop at entry ± that amount. Stop remains static until hit.
Trend Tracking: Uses barssince() to ensure only one active long or short position; stop is only active while that trend persists.
Visualization
Plots fast/slow SMA lines in teal/orange.
On each entry bar, displays a label showing “ATR value” and “ATR×multiple” positioned at the 30-bar low (long) or high (short).
Draws an “×” at the stop-price level in green (long) or red (short) while the position is open.
Execution Settings
Initial Capital: $100 000, Size = 100 shares per trade.
Commission: 0.075% per trade.
Pyramiding: 1.
Calculations: Only on bar close (no intra-bar ticks).
Usage Notes
Static ATR stop adapts to volatility but does not trail.
Ideal for trending, liquid markets (stocks, futures, FX).
Adjust SMA lengths or ATR multiple for faster/slower signals.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.