Targets For Many Indicators

The Targets For Many Indicators tool is an essential trading utility designed to display and manage trade targets for various built-in and external indicators. It empowers traders by providing customizable target settings based on specific user-defined conditions between two value series. With capabilities for both simple alerts and complex condition evaluations, this tool allows traders to explore profit-taking and stop-loss strategies more effectively by understanding where price might deviate based on indicator signals.

How to Trade with the Targets For Many Indicators?

Trading targets act as a guide, suggesting potential exits for a trade at an advantageous price point, improving your trading strategy by preventing excessive losses or securing profits. By establishing horizontal target levels, traders can identify pivot points that might serve as support or resistance. This functionality can prove crucial for anticipating breakout trends and market movements.

For instance, in the illustration above, targets are positioned at 3 ATRs from the closing price when the price surpasses the embedded SuperTrend indicator using parameters such as an ATR period of 10 and a factor of 3. By enabling the "Long Position Target" feature, targets appear above the current price; otherwise, they will display below.

The tool also supports dynamic target generation by activating the "New Target When Reached" option, providing continuous updated targets without manual intervention.

To streamline target generation for strategic planning, traders may enable the "Wait Until Reached" feature, preventing new targets from appearing until the current ones have been achieved, thus potentializing long-term price targets.

Utilizing the Dashboard for Better Trading Decisions

The tool includes a dashboard located at the top right of your chart, displaying the number and reach rate of the targets, offering a strategic overview of target effectiveness relative to initial conditions. A high reach rate in the dashboard is indicative of well-set targets.

Detailed Explainer on Built-In Indicators

Indicators

Users can choose their preferred sources from the comprehensive list of built-in indicators such as:

• ACCDIST: Accumulation/distribution index
• ATR: Average True Range
• BB (Middle, Upper or Lower): Bollinger Bands
• CCI: Commodity Channel Index
• CMO: Chande Momentum Oscillator
• COG: Center Of Gravity
• DC (High, Mid or Low): Donchian Channels
• DEMA: Double Exponential Moving Average
• EMA: Exponentially weighted Moving Average
• HMA: Hull Moving Average
• III: Intraday Intensity Index
• KC (Middle, Upper or Lower): Keltner Channels
• LINREG: Linear regression curve
• MACD (macd, signal or histogram): Moving Average Convergence/Divergence
• MEDIAN: median of the series
• MFI: Money Flow Index
• MODE: the mode of the series
• MOM: Momentum
• NVI: Negative Volume Index
• OBV: On Balance Volume
• PVI: Positive Volume Index
• PVT: Price-Volume Trend
• RMA: Relative Moving Average
• ROC: Rate Of Change
• RSI: Relative Strength Index
• SMA: Simple Moving Average
• STOCH: Stochastic
• Supertrend
• TEMA: Triple EMA or Triple Exponential Moving Average
• VWAP: Volume Weighted Average Price
• VWMA: Volume-Weighted Moving Average
• WAD: Williams Accumulation/Distribution
• WMA: Weighted Moving Average
• WVAD: Williams Variable Accumulation/Distribution
• %R: Williams %R

The indicator links redirect users to detailed references or the Build-In Indicators page for comprehensive understanding and usage guidelines.

When "Show Source Values" is active, the tool limits display to sources with values logically aligned with price movements, ensuring pertinence in visuals and strategy.

Efficient Interaction with Settings

The tool offers intuitive input fields to handle a variety of conditions and settings per indicator. Depending on the complexity of indicators used, these fields may require one or more input values, separated by commas:

• Separate inputs with 0 to 4 spaces without disrupting functionality.
• Erroneous inputs have limited visibility when inactive targets render errors nearly invisible.

Helpful red-colored guidance text assists with input configurations.

Examples Without Issues:

Examples With Issues:

Optimal Settings Configuration

General Label and Coloring Adjustments

• Show Target Labels: Activate target labels on your trading chart.
• Candle Coloring: Utilize candle coloring in alignment with recent target activation.

Target Configuration

Target parameters are identical for both Target 1 and Target 2 configurations:

• Enable Target: Visibility toggle for target markers on the chart.
• Long Position Target: Placement setting for targets above the current price when conditions are met.
• New Target Condition: Determine conditions for target evaluation; choices include CrossOver, CrossUnder, Cross, and Equal.

Source Definitions

• Source A: The primary source, potentially an indicator or external input.

• External Source A: External source specification if selected.

• Settings for Source A: Input settings necessitate comma separation for complex values.

• Source B: Secondary input series specification, usable with indicators or external sources.

• External Source B: Description for external input if opted.

• Settings for Source B and Value Inputs: Standard input and manual value descriptors.

• Show Source Values: Enables visualization of input series on the trading chart.

Logic Settings for Strategic Deployment

• Wait Until Reached: Decouples new target creation until existing targets are met, facilitating strategic planning.
• New Target When Reached: Automated creation of subsequent targets upon reaching current ones.
• Evaluate Wicks: Switch evaluates using high/low prices for target accuracy.
• Target Distance from Price: Customizable target placement using currencies, points, percentages, ATR multiples, or ticks.
• External Distance Value: Definition for distance value in use when external metrics apply.

Frequently Asked Questions

How can I access the Targets For Many Indicators?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

What indicators does it support?

The tool supports a wide array of built-in indicators including ATR, MACD, RSI, and multiple others listed above.

Can I customize target placements?

Yes, targets can be fully customized based on desired conditions, series, and external inputs.