OPEN-SOURCE SCRIPT
Auto Swing TP
Automatic TP generator from recent swing highs and swing lows
Multiple long & short TPs from current price are displayed.
Results will differ by timeframe.
The main parameter is the "cell size" which is the least significant price move for the current asset. The default value of 0.4% is optimized for crypto. You may want to use less for less volatile asset classes.
How it works
We divide price into cells of a certain percent sizes, mainly because this makes the computation a lot easier.
We note in which bar every price cell was last visited. We take the distance to the current bar and then the logarithm of that to a certain base (the "time dimension"). Using a logarithm gives a nice balance of near-term and long-term targets. We call that logarithmic value the "level" of that price cell.
If a price cell has a significantly higher or lower level (at least by +2 or -2) than the cell above or below, this is considered a possible TP area.
Finally we check if the trade makes sense (meaning is of a certain size, at least 10 cells by default). If yes, we reduce the TP by a bit (by default 2 cells) and add it to the chart.
Multiple long & short TPs from current price are displayed.
Results will differ by timeframe.
The main parameter is the "cell size" which is the least significant price move for the current asset. The default value of 0.4% is optimized for crypto. You may want to use less for less volatile asset classes.
How it works
We divide price into cells of a certain percent sizes, mainly because this makes the computation a lot easier.
We note in which bar every price cell was last visited. We take the distance to the current bar and then the logarithm of that to a certain base (the "time dimension"). Using a logarithm gives a nice balance of near-term and long-term targets. We call that logarithmic value the "level" of that price cell.
If a price cell has a significantly higher or lower level (at least by +2 or -2) than the cell above or below, this is considered a possible TP area.
Finally we check if the trade makes sense (meaning is of a certain size, at least 10 cells by default). If yes, we reduce the TP by a bit (by default 2 cells) and add it to the chart.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Möchten Sie dieses Skript auf einem Chart verwenden?
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.