Here we go again.... with another strategy snippet. Reminder: it's an alternative of this Trailing Stop strategy script
Entry logic
The entry is based on a Simple Moving Averages (SMA) cross. This part doesn't matter here - as I wanted to focus on the ATR multiple stop loss component.
ATR STOP
This strategy snippet uses an entry stop loss defined based on a multiple of the average true range value. The soure code detects ATR value at entry price, applies the multiplier and will set a static (= non trailing) stop-loss to each position A pinescript v4 label will appear for each new signal displaying the ATR*multiplier value at signal time