Trader Dale > Quotes

“Stop-loss and Profit Target for intraday trades I suggest you adapt your SL and PT pip values to the volatility of the instrument you are trading. An easy way to determine this is to use ATR (Average True Range) indicator and set it for a long period, for example, 200. Then load around 300-500 days (daily timeframe) in your charts and see what the average ATR value for this period was (= what the average daily volatility in this period was). Then you need to multiply the ATR number by 10.000 to get the value in pips.”
― Trader Dale, VOLUME PROFILE: The Insider's Guide to Trading