This indicator is useful in all time frames, and can also be combined with your trading strategy and other trading tools, it gives high probability trend, it can be combined with moving averages, RSI, and Stochastic oscillators to filter signals.

The recommended stop loss is the last support or resistance level, but if you do not know how to trade with those you can decide a fixed number of pips for your stop loss on each trade, the take profit level depends on you.