Ranges with Targets [ChartPrime]: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

228 lines of Pine Script v5 from 27RangesWithTarget.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

27RangesWithTarget.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © ChartPrime

//@version=5
indicator("Ranges with Targets [ChartPrime]",overlay = true,max_lines_count = 500,max_labels_count = 500)
var float SCR = 0.
var ATR = 0.
var TradeOn = false
Shape = false 


color GREEN           = color.rgb(4, 191, 101)
color TAIL            = color.rgb(20, 141, 154)
color RED             = color.rgb(246, 7, 7)
color _Green          = color.rgb(2, 106, 89)
color OFF             = color.new(color.red,100)
string DYNAMICSLG     =  "➞ Risk To Reward Settings 🔸" 
string CORE           =  "➞ Core Settings 🔸"
var array<int> score  = array.new_int(2,0)



var bool ShortTrade   = false
var bool TradeisON    = false
var bool LongTrade    = false
var line res          = na
var line sup          = na
var line tpLine       = na
var line SLLine       = na
var label LAB         = na
var float TP          = 0.0
var float SL          = 0.0
var float Res         = 0.

bool BUY              = false
bool SELL             = false
bool Filter           = input.bool(false,"ATR Body Filter",group = CORE)
float Target          = input.float(1.3,"Target",step = 0.1 , tooltip = "Target And stop Multiplyer",group = CORE)
bool SLType           = input.string('Close',
     'SL Type', ['Close', 'High/Low'],
     group=CORE,tooltip = "Activate SL on candle close or high/low") == 'Close'

float Risk            = input.float(100,"Risk Per Trade (USD)",group=CORE)    

bool ShowSL = input.bool(false,"Show SL",group = CORE)
string Linestyle      = input.string('Dashed',
     'Line Style', ['Solid', 'Dashed', 'Dotted'], group=CORE,inline= "Line")

color Bull = input.color(GREEN,"",group=CORE,inline= "Line")
color Bear = input.color(RED,"",group=CORE,inline= "Line")    


method volAdj(int len)=>
    math.min(ta.atr(len) * 0.3, close * (0.3/100)) [20] /2

PF = volAdj(30)


BodyRange() =>
    math.abs(close - open) 

BodyCon = bar_index > 100
BodyCon1 = (Filter ? BodyRange() < ta.atr(5) * 1 : true)


if timeframe.change("1D") and not TradeisON 

    ATR := volAdj(30)
    SCR:=hl2 - (ATR* 15)
    TradeOn:= true
    Res:= SCR + (ATR* 25)
    res:=line.new(bar_index, Res,bar_index, Res,color = #5c439a,style = line.style_solid)
    sup:=line.new(bar_index, SCR,bar_index, SCR,color = #5c439a,style = line.style_solid)



if TradeOn
    res.set_x2(bar_index)
    sup.set_x2(bar_index)

if ta.crossover(close[1],Res) and BodyCon and BodyCon1
    BUY:=true
if ta.crossunder(close[1],SCR) and BodyCon and BodyCon1
    SELL:=true
                
linefill.new(res,sup,color = color.new(color.from_gradient(close,ta.lowest(5),ta.highest(10), #3a6186,#89253e),80))



//----- { SL Calculation

x2 = low - ta.rma(ta.tr(true), 14) * 1.5
xz = ta.rma(ta.tr(true), 14) * 1.5 + high
longDiffSL2 = math.abs(close - Res)
longDiffSL = math.abs(close - SCR)
// }
  
Long = BUY and not TradeisON     
Short = SELL and not TradeisON
TradeFire = Long or Short

if Long and not TradeisON
    LongTrade:= true
    ShortTrade:= false

if Short and not TradeisON
    LongTrade:= false
    ShortTrade:= true


if true 
    if TradeFire and not TradeisON
        TP := switch
            Long  => close + (Target * longDiffSL)
            Short => close - (Target * longDiffSL2)

        SL := switch
            Long  => close  - longDiffSL
            Short => close  + longDiffSL2

        TradeisON:= true
        if true
            line.new(bar_index,
                 Long ? high : low,
                 bar_index,
                 TP,
                 width=2,
                 color = TAIL,
                 style= line.style_dashed)

            tpLine:= line.new(bar_index,
                 TP,
                 bar_index+2,
                 TP,
                 style= line.style_dashed,
                 color = TAIL
                 )
            if ShowSL     
                SLLine:= line.new(bar_index,
                     SL,
                     bar_index+2,
                     SL,
                     style= line.style_dashed,
                     color = RED
                     )     
            LAB:=label.new(bar_index,
                 TP,
                 "Target",
                 color = TAIL,
                 style= label.style_label_left,
                 size=size.small,
                 textcolor = color.white
                 )
    if TradeisON
        line.set_x2(tpLine,bar_index)
        label.set_x(LAB,bar_index+1)
        if ShowSL
            line.set_x2(SLLine,bar_index)
        

    if LongTrade and TradeisON
        if high >= TP
            label.set_color(LAB,GREEN)
            score.set(0,score.get(0)+1)
            TradeisON:=false
        if  (SLType ? close : low)  <= SL
            score.set(1,score.get(1)+1)
            label.set_color(LAB,color.new(RED,70))
            label.set_tooltip(LAB,"Stoploss Hit : "+ str.tostring(math.round_to_mintick(SL)))
            TradeisON:=false

    else if ShortTrade and TradeisON
        if low <= TP 
            label.set_color(LAB,GREEN)
            score.set(0,score.get(0)+1)
            TradeisON:=false
            
        if (SLType ? close : high) >= SL 
            score.set(1,score.get(1)+1)
            label.set_color(LAB,color.new(RED,70))
            label.set_tooltip(LAB,"Stoploss Hit : "+ str.tostring(math.round_to_mintick(SL)))
            TradeisON:=false

BearCon = TradeisON and ShortTrade
BullCon = TradeisON and LongTrade

barcolor(BearCon ? RED : BullCon ? _Green : color.rgb(52, 52, 54) )

plotcandle(open, high, low, close, color = BearCon ? RED : BullCon ? _Green : color.rgb(52, 52, 54),
     wickcolor = color.rgb(103, 99, 99),bordercolor = BearCon ? RED : BullCon ? _Green : color.rgb(52, 52, 54))

bgcolor(BearCon ? color.rgb(136, 4, 15, 90) : BullCon ? color.rgb(8, 191, 158,90) : na )

// where is my table ?!
var tb = table.new(position.top_right, 6, 6,
  bgcolor= color.new(color.gray,80))
if barstate.islast
    GrossP = score.get(0) * (Risk * Target)
    GrossL =  score.get(1) * Risk
    PNL = GrossP - GrossL
    table.cell(tb, 0, 0, "Winning Trades"
      , text_color = #a3a3b1)
    table.cell(tb, 1, 0, str.tostring(score.get(0))
      , text_color = #08c09b)

    table.cell(tb, 0, 1, "Losing Trades"
      , text_color = #a3a3b1)
    table.cell(tb, 1, 1, str.tostring(score.get(1))
      , text_color = #cd0202)


    table.cell(tb, 0, 2, "Gross Profit"
      , text_color = #a3a3b1)
    table.cell(tb, 1, 2, str.tostring(GrossP)
      , text_color = GrossP > 0 ? #1eddd4:#cd0202 )

    table.cell(tb, 0, 3, "Gross Loss"
      , text_color = #a3a3b1)
    table.cell(tb, 1, 3, str.tostring(-GrossL)
      , text_color = #cd0202 )

    table.cell(tb, 0, 4, "Final PNL"
      , text_color = #a3a3b1)
    table.cell(tb, 1, 4, str.tostring(PNL)
      , text_color = #ba7726 )

alertcondition(Long,"BUY")
alertcondition(Short,"Sell")

Overview

Ranges with Targets [ChartPrime] detects buy and sell signals from crossovers of close price with the upper and lower range levels. A target multiplier sets the take-profit distance while stop-loss is calculated based on risk per trade in USD. Optional ATR body filter, SL line display, and line style customization are available. The script updates range lines dynamically as new bars appear and calculates TP and SL only on new trade signals.

ATR Body Filter
Support Resistance Ranges
Target Multiplier
SL Calculation
Dynamic Range Lines

Details

Published by

webcrack4 on GitHub

Code credit

ChartPrime, as written in the script's header

Type

Indicator, Pine Script v5

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

27RangesWithTarget.pine

Repository

github.com/webcrack4/pine-script-combine. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
ATR Body Filter	`bool`	`false`	`Filter`
Target	`float`	`1.3`	`Target`
SL Type	`string`	`Close`	`SLType`
Risk Per Trade (USD)	`float`	`100`	`Risk`
Show SL	`bool`	`false`	`ShowSL`
Line Style	`string`	`Dashed`	`Linestyle`
Bull	`color`	`GREEN`	`Bull`
Bear	`color`	`RED`	`Bear`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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