Take Profit using ATR

[bobpoindexter]

Hello,

How do I set a take profit amount as a function of ATR?
For example Profit = 2*ATR

It should be simple!

[Markre]

look here: topic/3628

[bobpoindexter]

That link describes a formula 'candle close minus ATR'.
How does that make any sense?
I want trade profit = multiple of ATR.

[Markre]

yes instead "- " you take " + "

[fxDreema]

For TP you can select something like Custom (price fraction) and select ATR. By price fraction I mean values like those from ATR. To double the value of ATR put *2 in it's Adjust field.

[bobpoindexter]

Thank you very much - that does the trick.
Only limitation with this is that the ATR multiple is hard-coded and can't be used as an input parameter for testing different values.
But nevertheless it achieves the aim. Thank you!

[fxDreema]

It can be used. Yes, this Adjust field is a bit different, but you can still write names of Constants, Variables, even MQL4/MQL5 code (functions and everything)