I would like to submit a concept for a new/useful Indicator.

This is loosely based on the Chandelier Profit Stop (except it is a Profit Target). As the name implies it works from the bottom up rather than from the top down (Chandelier)The program needs to select the Low or the Close on the date of a "Buy" (Needs to be specified).

The initial profit stop calculation does not change unless the ATR multiplier is changed. Since I prefer to work on a weekly time frame - it is suggested that a value of 5 ATRs be used, Users should be able to set this to a figure suitable to their style of trading. A 14 period average ATR to be used for the ATR value - again this should be variable - I see where A Hull uses a 52 week period for his calculations.

EXAMPLE IN PRACTICE

Buy MAP on 02.08.04 at 2.21 [ Low 2.20 and High 2.21 ]Weekly Chart - ATR weekly value on specified date is .086 cents - 5 ATRs added to the higher of Low or Close on 02.08.04 = [ 5 times .086 = .43 + 2.21 ] or 2.64.

A blue dot/marker would be placed at 2.64 above the bar for 02.08.04 to represent initial target. On following week - the marker is shifted from above the 2 Aug bar to sit on top of the 9 Aug bar. Each week the marker is shifted to the current bar - [smiling icon face could be used as the marker ]