This indicator put all these handy tools into a single toolkit, which includes the following price action and risk management indicators:
This script further enhances the setting so that you can easily customize the indicators.
For both the Moving Averages and the Moving Average less , you can pick a type of moving average which suits your analysis style from a list of commonly used moving average formulations: namely, , , RMA, and , where is selected as default.
The Moving Average less , MATR, is usually applied as a reference to set the initial stop loss whenever opening a new position.
The abbreviation, MATR, is picked, so that this can serve as a handy reminder of a very good trading framework as elaborates as below:
M – Market Structure
A – Area of Value
T – Trigger
R – Risk Management ( aka . Exit Strategy)
- This version updates the flexibility in tailoring the ATR period for both Moving Average less ATR, MATR, and Chandelier Exit, ChEx.
In general, the longer the period for the ATR, the wider the ATR, thus the lower stoploss indicated (for long position).
- An option to select the price trigger in switching long-short Chandelier Exit is added to fit different trading preference.
By default, "Close" is selected.
- An additional moving average for weekly chart, MA Wk, is added.
When the timeframe of your chart is lower than weekly chart, the weekly moving average, MA Wk, will be shown as a zig zag line, this is recommended to trun it on only when you are reading the weekly chart.
And by default, its display is set as off.
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.