Custom SLTP Indicator for XAUUSD
- Indicators
- Brian Daniel Cox
- Version: 1.2
- Activations: 5
Investing in this tool means investing in smarter, faster, and more disciplined trading. 📈
Core Functionality: Your Automated Trading Analyst
At its heart, this indicator is a decision-support system. It automatically calculates and visualizes four of the most critical data points for any trader:
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Key Support Levels: The price floor where buying pressure is likely to step in.
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Key Resistance Levels: The price ceiling where selling pressure may emerge.
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Optimal Stop Loss for Buy Trades: A calculated exit point to protect your capital on long positions.
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Optimal Stop Loss for Sell Trades: A calculated exit point to protect your capital on short positions.
It intelligently handles all the complex calculations in the background, presenting this vital information in a clean, easy-to-understand visual format.
Key Features & The Strategic Advantage They Provide
This isn't just another indicator; it's a game-changing toolkit that empowers you to trade with precision and confidence.
Dynamic, Volatility-Based Stop Loss 🛡️
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How it Works: The code uses the Average True Range (ATR), the industry standard for measuring market volatility. Instead of using a fixed number of points for your stop loss (a common mistake), our tool calculates it based on the current volatility of the market. You can fine-tune it with the ATRMultiplier setting.
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Your Advantage: This is a massive upgrade to risk management. It sets stop losses that are wide enough to avoid being stopped out by normal market noise but tight enough to protect you from significant losses. It adapts to the market, so you don't have to guess.
Automated Support & Resistance Zones 🗺️
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How it Works: The CalculateSRLevels function analyzes a recent number of price bars (defined by SRLookback ) to automatically identify and draw the most significant support and resistance levels using a combination of pivot points and recent highs/lows.
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Your Advantage: This feature saves you invaluable time and removes the subjectivity of drawing lines manually. You get an instant, data-driven map of the market's key battlegrounds, allowing you to identify strategic entry and exit zones effortlessly.
Instant Trade Information Panel 💡
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How it Works: The UpdateComment function creates a clean, real-time display in the corner of your chart. It shows the current price, the ATR value, and, most importantly, the exact Stop Loss and Take Profit levels for both potential buy and sell trades. The Take Profit is calculated automatically based on your desired RiskRewardRatio .
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Your Advantage: No more fumbling with calculators or second-guessing your trade parameters. You get instant clarity on your potential risk and reward before you enter a trade. This allows for faster decision-making and flawless trade execution.
Fully Customizable to Your Strategy ⭐
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How it Works: Every critical parameter is fully adjustable. You control the ATR settings, the risk-reward ratio, the lookback period, and even which lines are visible on the chart ( ShowSRLevels , ShowSLLevels ).
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Your Advantage: This tool is not a rigid "black box." It's a flexible instrument that can be perfectly tailored to fit any trading style, from short-term scalping to long-term position trading, across any financial market.
By integrating these features, the Custom SL/TP Calculator transforms your trading platform from a simple charting tool into a powerful analytical dashboard. It promotes discipline, enhances risk management, and provides the clarity needed to trade with confidence and precision. This is an essential investment for any serious trader looking to gain a professional edge.
