You may have heard that it's highly advised you should know where your target and stoploss points are before you enter a trade.
One of the great indicators in history is the a.k.a ATR.
Here is how you can use the ATR to set your target at 1.5 x ATR and stoploss at 2 x ATR:
This indicator shows you where the 1.5 x ATR and 2 x ATR from bar close on chart instead of manually calculating it by hand.
This indicator is based on ATR and helps you set your target and stoploss easily without manually calculating it.
How to use this indicator:
Long: Choose your favorite x ATR (1.5 or 2)
then you can set your target on the same bar you placed your long
Short: Choose your favorite x ATR (-1.5 or -2)
then you can set your stop loss on the same bar you placed your short
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.