Stop and Limit Indicator

[Acerinvest]

I have just put together a little indicator that you might find useful. When scalping I always have to think about where to put my stop and limit on th order. When trying to act quickly this can be a bit of a pain so I came up with the attached indicator.

 

What does it do?

 

It uses the average trading range to set a margin below the lowest of the last four bars (actually at half the ATR). Then, based on your reward to risk ratio target, it calculates the limit figure. These are noted in any of the four corners of your main chart.

 

Let me know if this helps and if there are any other enhancements you might like to see.

 

http://www.4shared.com/file/Sys6AXNs/StopandLimit.html

[Timber13]

Look forward to checking it out,

 

Cheers