Exponential Deviation Bands [ChuckBanger]This is Exponential Deviation Bands. It is a price band indicator based on exponential deviation rather than the more traditional standard deviation, as you find in the well-known Bollinger Bands calculation. As compared to standard deviation bands, exponential deviation bands apply more weight to recent data and generate fewer breakouts. There fore it is a much better tool to identifying trends.
One strategy on the daily can be
Buy next bar if closing price crosses below the lower bands
Sell if price is equal to the current value of the upper bands
Bands
Ehlers Fractal Adaptive Moving Average with Bands [Bitcoinduke]FRAMA – What is it?
Fractal Adaptive Moving Average Technical Indicator ( FRAMA ) was developed by John Ehlers, code was implemented by TradingView user Shizaru. I've updated it to Pine Script 4 and added Bands Extension.
This indicator is constructed based on the algorithm of the Exponential Moving Average , in which the smoothing factor is calculated based on the current fractal dimension of the price series.
Advantages:
possibility to follow strong trend movements
determine moments of price consolidation ( FRAMA sufficiently slow down at these moments)
FRAMA + Bands
The FRAMA serves as a base for the Upper and Lower Bands which are used as a way to measure volatility by observing the relationship between the Bands and price. Typically the Upper and Lower Bands are set to two standard deviations away from the FRAMA ; however it should be adjusted depending on the task.
Bollinger Bands Trend Model-BuschiEnglish
In general, Bollinger Bands are used as an indicator to visualize the "reversion to the mean". However, in this model, by using smaller variable values (default: 10 time intervals instead of 20, 1 standard deviation instead of 2), they are used as an trend following indicator. Two consecutive closes above the upper band form a buy signal (symbol 'B' above bar) which is reversed by two consecutive closes below the lower band (symbol 'S' under bar) and vice versa. The corresponding buying (green) and selling (red) zones are coloured between the bands.
Deutsch
Im Allgemeinen werden Bollinger-Bänder als ein Indikator verwendet, um die "Rückkehr zum Mittelwert" zu visualisieren. In diesem Modell werden sie durch kleine Variablen-Werte (Standardwert: 10 Zeitintervalle anstatt 20, 1 Standardabweichung anstatt 2) jedoch als Trendfolge-Indikator verwendet. Zwei aufeinanderfolgende Schlusskurse über dem oberen Band (Symbol 'B' über dem Balken) bilden ein Kaufsignal, das durch zwei aufeinanderfolgende Schlusskurse unter dem unteren Band (Symbol 'S' unter Balken) umgekehrt wird. Gleiches gilt umgekehrt. Die entsprechenden Kauf-Zonen (grün) und Verkauf-Zonen (rot) werden zwischen den Bändern eingefärbt.
Variable Index Dynamic Average (VIDYA) BandsThis adds volatility bands to the Variable Index Dynamic Average (VIDYA). The bands are calculated using the exponential moving average of the standard deviation of the VIDYA.
Thanks to everget for programming the VIDYA for tradingview.
Extended Recursive Bands - Maximum Efficiency With Extra OptionsIntroducing A New Calculation For Efficient Bands Calculation !
Here it is ! The Recursive Bands Indicator, an indicator specially created to be extremely efficient, i think you already know that calculation time is extra important in algorithmic trading, and this is the principal motivation for the creation of the proposed indicator. Originally described in my paper "Pierrefeu, Alex (2019): Recursive Bands - A New Indicator For Technical Analysis" , the indicator framework has been widely used in my previous uploaded indicators, however it would have been a shame to not upload it, however user experience being a major concern for me, i decided to add extra options, which explain the term "extended".
On The Indicator Calculation
You can skip this part if it doesn't interest you. The calculation of the indicator is based on recursion, but i want to explain the mathematical formula described in the paper.
I've seen some users trying to remake it from the calculations, however there was always something weird, and i understand, mathematical notations are always a bit weird, even myself don't always write them correctly/understand them, however this one is relatively simple to understand.
First lets explain each elements of the calculation :
α = smoothing constant, or 2/(length+1)
max/min = maximum and minimum function, max return the greatest input value while min return the lowest one, for example :
max(4,2) = 4 while min(4,2) = 2
the "||" notation mean taking the absolute value, for example : |-1| = abs(-1) = 1
The calculation after the max/min function is called the correction factor, and is the core of the indicator. The last two variables are just here to provide an initial value for upper and lower, basically when we start our calculations we will assign the value of the closing price for upper and lower.
The motivation behind using a smoothing constant in range of (0,1) was to tell the reader that the indicator is easily made adaptive, this is what i did on my adaptive trailing stop indicator by using the efficiency ratio as smoothing variable, the user can use 1/length instead of the provided calculation for alpha.
If you interested on the indicator main logic, it is actually really simple, by using upper = max(price,upper) and lower = min(price,lower) we would get the maximum/minimum price value at time t , therefore upper can only be greater or equal than its precedent value, while lower can only be lower or equal than its precedent value, in order to fix that we subtract/sum upper/lower with a value, this allow the upper band to be lower than its precedent value and lower to be greater than its precedent value, this is the role of the correction factor.
The Indicator
The indicator display one upper and one lower band, every common usages applied to bands indicators such as support/resistance, breakout, trailing stop...etc, can also be applied to this one. length control how reactive the bands are, higher values of length will make the bands cross the price less often.
In order to provide more flexibility for the user i added the option to use various methods for the calculation of the indicator, therefore the indicator can use the average true range, standard deviation, average high-low range, and one totally exclusive method specially designed for this indicator.
Classic Method
This option make the indicator use its classical calculation, this is the most efficient method of all.
Atr Method (atr)
This method use the average true range as correction factor, notice that lower values of length can still produce wide band.
Standard Deviation Method (stdev)
This method use a biased estimate of the standard deviation as correction factor.
The method produce smoother bands that converge more slowly toward the price in comparison with the classic correction factor.
Average High-Low Range Method (ahlr)
This method use the average of the high-low range as correction factor, extremely similar to the average true range.
Rising Falling Volatility (rfv) Method
A new method created for this indicator, this correction factor use the absolute prices changes when price value is greater/lower than any length past values of the price, this allow to have more boxy shaped bands, work best with greater values of length.
The bands can be in contact with this method, a possible fix in the future.
Conclusion
The recursive band indicator is one of my greatest indicators in my opinion (i would love to have yours), as you can see the idea behind it is extremely simple and allow for a super efficient band indicator, which was the original motivation behind it, in order to provide more fun for the users i also added more option for the correction factor, this allow the user to be creative and not get stuck with the original calculation.
Like the trend step indicator family we have almost ended our series on the recursive band framework, 1 more trailing stop will be added in the future, and then we'll have more "boring" stuff until i find something cool again, it shouldn't be long ;)
Thanks for reading !
[RS]Signal to Noise BandsEXPERIMENTAL:
Bands using Signal to Noise Calculation.
The bands calculation is similar to bolingers in the aspect that both use standard deviation.
Smart Envelope - Running Away From The TrendIntroduction
Envelopes indicators consist in displaying one upper and one lower extremity on the price chart. They are most of the time built by adding/subtracting a volatility estimator (rolling stdev, atr, range...etc) to a central tendency estimator (SMA, EMA, LSMA...etc) . Their interpretation is often subject to debate amongst technical analyst, some will use a support and resistance methodology, where price will start a downtrend once it cross the upper extremity, and a down trend once it cross the lower one. Others will prefer a breakout methodology, where price will reach higher highs once it cross the upper extremity, and lower lows when it cross the lower one. Because of price non stationarity its hard to select the best methodology, the support and resistance one will mostly work on ranging markets, while the breakout methodology mostly work on trending ones.
Therefore new methods where proposed, instead of using moving averages with a high lag, faster filters where used, such as the least squares moving average or zero lag exponential moving average, other band indicators where also created using adaptive filters, but improvements remain relatively low. The most difficult task would be to make extremities with the ability to return accurate support and resistances levels, and today i want to provide a new way to construct such extremities by using the recursive bands framework that allow extremely creative and efficient indicators.
The Main Idea
With classical bands indicators, the upper and lower extremity will still be correlated with the main trend, the problem behind such method is that we can't use a support and resistance methodology with trending markets, the fact that reversals exist tells us that our extremities will always be crossed by the main trend, here is an example :
Here the support is correlated with the main trend, in order for it to be accurate we must assume the trend will go on for ever, and will only detect higher lows, this is what we expect with the orange line, but we can see that a severe down trend totally destroy our plan.
In short we need to give some headroom to our extremities, and thus one extremity can't be correlated with the main trend.
The proposed Indicator
We want to minimize the correlation between the extremities, so if the upper extremity rise, the lower one must fall. This allow to give some headroom and allow the user to anticipate larger movements, this is how bands seeking to give support and resistances points should work.
The indicator has a length setting that control the wideness of the extremities, unlike other indicators low values such as 14 can still create really wide bands, take that into account.
length = 5. Lower length values allow for more motion from the extremities, but does not necessarily involve detecting shorter terms support and resistances levels. The factor setting is not that important, but it allow to return extremities with more motion when high, and really wide bands when below 1 and greater than 0.
Central Tendency Estimator
Something fun with the recursive band framework is that the bands are no longer based on the central tendency estimator but its the central tendency estimator who is based on the bands. The central tendency estimator can also provide support and resistances points with the price, like classical moving averages, altho its lack of motion is this time a downside.
Conclusion
Altho the extremities are more accurate than other band indicators, the problem remain the same, larger trend will always break the extremities and continue creating higher/lower highs/lows, at this point our stop loss would certainly be triggered. This is a huge downsides of contrarian strategy, we sure might anticipate reversals earlier, but we are exposed to larger price movements, therefore the risk is extreme.
But the proposed methodology might still prove useful to develop more robust support and resistances levels based on envelopes indicators.
Thanks for reading !
R100 Volatility Combo Bands v1 (*v*)The Volatility Combo Bands are made from 4 separate volatility bands- two Bollinger Bands (10 and 20 period) and two Price Headley Acceleration Bands (10 and 20 period). The Volatility Combo Bands plot the innermost upper and lower points from these bands and then plots a mid-line. By default, only the standard 20 period Bollinger Bands and Combo Bands with mid-line are displayed, but can be configured however you want.
Try it out- see squeezes earlier, ride the bands earlier in trending markets, trade pullbacks to the Combo Bands and mid-line, trade the range of the band or use them to help identify potential support and resistance levels. Hopefully they can add another dimension to identifying volatility contraction patterns or whatever you currently use these things for!
I hope you get some value out of it. Only conditions of use are that if you improve it, let me know and if you publish something that uses it, don't hide the code! Enjoy!
Code for the Price Headley Acceleration Bands pinched and modified from LazyBear - thankyou.
Price-Curve ChannelIntroduction
Although many will use lines in order to make support and resistances, others might use curves, this is logical since trends are not always linear. Therefore it was also important to take this into consideration, and when i published the price-line channel indicator, i already started a curved version of it. Therefore i propose this new indicator based on the recursive bands framework that allow to return curved support and resistances. The benefits of this indicator are : a totally stable approach, user friendly, and extremities able to converge faster toward the price.
The Indicator
The indicator is way faster than the price-line channel one, this is due to the fast convergence toward the price of the extremities. Length control the reactivity of the indicator, while mult is more related to the rate of convergence, values of mult lower than 1 will make the curve converge slower,
mult = .5
Higher values of mult will make the extremities converge faster toward the price.
mult = 2
Unlike the price-line channel indicator this one is directly "readjusted", this is due to the fact that the extremities are no longer linear, of course a "perfectly" curved version could come in an update, but for the moment it wasn't really a necessity.
Comparison With Price-Line
The fact that the extremities converge faster toward the price allow to possibly capture more tops/bottoms/retracements. However the extremities of both indicator have the same behavior regarding their accuracy, for example the upper extremity have a higher chance to detect a retracement when on a downtrend, while the lower extremity have higher chance to detect a retracement while on a up-trend.
On The Indicator Construction
The recursive bands framework is the core of the indicator, it is important to use it. The curved effect is given by multiplying the correction factor by the barssince function, therefore the correction factor is no longer constant which in return allow for a non linear output.
The size is divided by the square of length in order to keep a certain logic between the output and the length period.
Conclusion
The recursive bands framework prove again to be quite interesting, lot of indicators can be made using it, i only posted a fraction of what can be done with it, which make the recursive bands indicator one of the best indicators i ever made in my opinion.
The proposed indicator is stable, and don't require nightmarish manipulations (unlike the linear channels indicator), its ability to detect possible support and resistances points, although subjective, remain a feature of the indicator. The use of recursion make the indicator efficient. I hope the indicator find some use in the community.
Thanks for reading !
Linear version.
Note
Respect the house rules, always request permission before publishing open source code. This is an original work, requesting permission is the least you can do.
I apologize for any grammatical/orthographic error in this post.
Price-Line Channel - A Friendly Support And Resistance IndicatorIntroduction
Lines are the most widely used figures in technical analysis, this is due to the linear trends that some securities posses (daily log SP500 for example), support and resistances are also responsible for the uses of lines, basically linear support and resistances are made with the assumption that the line connecting two local maximas or minimas will help the user detect a new local maxima or minima when the price will cross the line.
Technical indicators attempting to output lines have always been a concern in technical analysis, the mostly know certainly being the linear regression, however any linear models would fit in this category. In general those indicators always reevaluate their outputs values (repainting), others non repainting indicators returning lines are sometimes to impractical to set-up. This is what has encouraged me to make a simpler indicator based on the framework used in the recursive bands indicator that i published.
The proposed indicator aim to be extremely flexible and easy to use while returning linear support and resistances, an option that allow readjustment is also introduced, thus allowing for a "smarter" indicator.
The Indicator
The indicator return two extremities, the upper one aim to detect resistance points while the lower one aim to detect support points. The length setting control the steepness of the line, with higher values of length involving a lower slope, this make the indicator less reactive and interact with the price less often.
The name "price-line" comes from the fact that the channel is dependent on its own interaction with the price, therefore a breakout methodology can also be used, where price is up-trending when crossing with the upper extremity and down trending when crossing with the lower one.
Readjusted Option
The line steepness can be readjusted based on the market volatility, it make more sense for the line to be more steep when the market is more volatile, thus making it converge faster toward the price, this of course is done at the cost of some linearity. This is achieved by checking the "readjustment" option. The effects can be shown on BTCUSD, below the indicator without the readjusted option :
when the "readjustment" option is checked we have the following results :
The volatile down movement on BTCUSd make the upper extremity converge faster toward the price, this option can be great for volatile markets.
Conclusion
The recursive bands indicator prove to be an excellent framework that allow for the creation of lots of indicators, the proposed indicator is extremely efficient and provide an easy solution for returning linear support and resistances without much drawbacks, the readjusted option allow the indicator to adapt to the market volatility at the cost of linearity.
The performance of the indicator is relative to the motion of the price, however the indicator show signs of returning accurate support and resistances points. I hope the indicator find its use in the community.
Thanks for reading !
Note
Respect the house rules, always request permission before publishing open source code. This is an original work, requesting permission is the least you can do.
G-Channels - Efficient Calculation Of Upper/Lower ExtremitiesIntroduction
Channels indicators are widely used in technical analysis, they provide lot of information. In general, technical indicators giving upper/lower extremities are calculated by adding/subtracting a volatility component to a central tendency estimator. This is the case with Bollinger bands, using the rolling standard deviation as volatility estimator and the simple moving average as central tendency estimator, or the Keltner channels using the exponential moving average and the average true range.
Lots and lots and lots (i can go on) of those indicators have been made, they only really need a central tendency estimator, which can be obtained from pretty much any filter, however i find interesting to focus on the efficiency of those indicators, therefore i propose a super efficient channel indicator using recursion. The average resulting from the upper/lower extremity of the indicator provide a new efficient filter similar to the average highest/lowest.
The calculation - How Does It Works
Efficiency is often associated to recursion, this would allow us to use past output values as input, so how does the indicator is calculated? Lets look at the upper band calculation :
a := max(src,nz(a(1))) - nz(a(1) - b(1))/length
src is the closing price, a is upper extremity, b is the lower one. Here we only need 3 values, the previous values of a and b and the closing price. Basically a := max(src,nz(a(1))) mean :
if the closing price is greater than the precedent value of a then output the closing price, else output the precedent value of a
therefore a will never be inferior to its precedent value, this is useful for getting the maximum price value in our dataset however its not useful to make an upper band, therefore we subtract this to a correction factor defined as the difference between a and b , this force the upper band to have lower values thus acting like a band without loosing its "upper" property, a similar process is done with the lower band.
Of course we could only use 2 values for making the indicator, thus ending with :
a := max(src,nz(a(1))) - nz(abs(close - a(1))/length
In fact this implementation is the same as the one proposed in my paper "Recursive Bands - A New Indicator For Technical Analysis", its also what i used for making the indicator "Adaptive Trailing Stop", this would be more efficient but i used the difference between the upper and lower extremities for a reason.
The Central tendency Estimator
This is the reason why i didn't implemented a more efficient version. Basically this central tendency estimator is just the average between the upper and lower extremities, it behave like the average of the highest/lowest over length period, its central plot in the Donchian channel indicator. Below is a comparison of both with length = 100 :
But why is our average so "boxy"? The extremities are not boxy, so why the average is sometimes equal to its previous value? Explain!
Its super easy to understand, imagine two lines, if their absolute change is the same and they follow an opposite direction, then their average is constant.
the average of the green and red line is the orange line. If both lines follow the same direction then their average will also follow this direction.
When both extremities follow the same direction, the average will also do the same, when both follow an opposite direction then the average will be equal to its precedent value, this is also due to the fact that both extremities are based on the same correction factor (a-b) , else the average wouldn't act that way, now you understand why i made this choice.
Conclusion
I proposed an efficient implementation of a channel indicator that provide an interesting central tendency estimator. This simple implementation would allow for tons of interesting concepts, some of my indicators use a similar approach and allow for great outputs, you'll see them soon enough. I hope this indicator find its use in the community, remember to ask before using this indicator in a script you want to publish.
Thanks for reading !
If you want to discuss about anime stuff send me a pm but don't do it in the commend section.
Quantile BandsMiddle quantile/band color is set by confluence of the outer quantiles and not by it's own slope. Optional MTF.
Function : Linear Regression Bands
Used with Pearson Correlation. It can be used to make sense of the trends. Very successful results can be obtained with a MACD style indicator and volume indicator that gives Buy and Sell orders.Open for adaptive and mutable variable periods of moving averages. Best regards!
Any MA bands (TMA bands V2)Hi everyone
Website will be opening very shortly :) Sorting out the last details and we're so excited to finally roll-out our different Algorithm Builders for you guys
Forewords
This present script is an evolution of the TMA bands . I would never have expected that script to become so popular to be honest
This is not only a study or idea but a really proven method and I'm glad that many of you are using it already. But please, whenever you see a new script out there, even if it looks cool and promising, please test it on a demo account for a week or on a LIVE account but with tiny amounts every time.
Many times, what you see on the chart is not what will happen in reality. I know that most of you will agree and I know exactly why we see this behavior... I'll give more details in a later post
I have plenty of methods like that one and I'll detail them on my website (and a bit on TradingView) starting next month
TMA bands on steroids
Someone asked me privately to make a generic version of the TMA bands and make it compatible with other standards Moving Average types. That's it for the specifications really as I didn't do much than re-using some piece of my own code
Suggested (but not mandatory) methodology
1) The Take Profit 1 is the middle line, Take Profit 2 is the opposite band.
2) Once the TP1 is hit, set your Stop Loss to breakeven
3) Once the TP2 is hit, if you still want to stay in the trade, set your Stop Loss to the TP1
It will be a powerful tool in your arsenal for some scalp/intraday trades
Wishing you all of you a great and profitable day
PS
It's strictly forbidden to republish this script without my explicit approval. All my posts are copyrighted from now on
Obviously you can use but not republish and get the credit or even worse... some money from your own clients
Dave
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Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :) (tips are accepted too)
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Jump on a 1 to 1 coaching with me
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Disclaimer:
Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you.
Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur.
Trading also involves risks of gambling addiction.
Please notice I do not provide financial advice - my indicators, strategies, educational ideas are intended to provide only some source code for anyone interested in improving their trading
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Dual Thrust Trading Algorithm (ps4)This is an PS4 update to the popular Dual Thrust trading algorithm posted by me some time ago (). It has been commonly used in futures, Forex and equity markets. The idea of Dual Thrust is similar to a typical breakout system, however dual thrust uses the historical price to construct update the look back period - theoretically making it more stable in any given period.
See: www.quantconnect.com
Bands-Trailing Stop UtilityIntroduction
Bands and trailing stops are important indicators in technical analysis, while we could think that both are different they can be in fact closely related, at least in the way they are made. Bands and trailing stops can be made from a simple central tendency estimator, like a moving average, and from a volatility estimator like standard deviation, atr...etc.
This is why i propose this utility that allow you to make bands and trailing stops from any indicator in the price chart.
How To Use
All you have to do is select the indicator you want to make bands from in the settings, so just open the Bands-Trailing Stop Utility indicator settings and select your indicator in "Source". Make sure your source indicator is not in "hide" mode.
For example here i'am using a moving average as source for the indicator. Mult control how spread the bands are from each others, by default mult = 1, if we use mult = 2 we get :
Mult can be non-integer as well as lower than 1 (when lower than 1 the bands would be closer to each others)
Error/Volatility Estimators
You can choose from a wide variety of volatility estimators, select the estimator from the "Method" scrolling parameter in settings, by default the indicator will use the running mean absolute error (MAE) which don't use length. Other estimators use length, making length = to the period of the source indicator can help get better results.
The root moving averaged squared error (RMASE) is just the square root of the simple moving average of the squared difference between the closing price and the source indicator. length control the period of the moving average of RMASE.
You can also use the average true range with period length. It might work better with low lagging moving averages.
The range is simply the difference between the highest and lowest over length periods of the source indicator.
Stdev is simply the price running standard deviation.
Trailing Stop
When the trailing stop mode is checked the bands will be replaced by a trailing stop, the trailing stop will still depend on every settings of the indicator like mult/volatility estimator...etc.
Conclusion
You might find an use to this tool if you want to make bands/trailing stops from pretty much everything. The indicator used as source for the examples is a smooth exponential averager that i could share if i see interest from peoples.
Thanks for reading !
Kaufman Adaptive BandsIntroduction
Bands are quite efficient in technical analysis, they can provide support and resistance levels, provide breakouts points, trailing stop loss/take profits positions and can show the current market volatility to the user. Most of the time bands are made from a central tendency estimator like a moving average plus/minus a volatility indicator. Therefore bands can be made out of pretty much everything thus allowing for any kind of flavors.
So i propose a band indicator made from a Kaufman adaptive moving average using an estimate of the standard deviation.
Construction
The Kaufman moving average is an exponential averager using the efficiency ratio as smoothing variable, length control the period of kama and in order to provide more smoothness a power parameter has been introduced, higher values of power will return smoother results.
The volatility indicator is made from a biased estimation of the standard deviation by using the square root of the mean of the square minus the square of the mean method, except that we use kama instead of a mean.
The bands are made by adding/subtracting this volatility indicator with kama.
How To Use
The ability of the indicator to adapt to the current market state is what makes him a great tool for avoiding major exposition during ranging market, therefore the indicator will have a greater motion during trending market, or more simply the bands will move during trending markets while staying "flat" during ranging ones. Therefore the indicator might be more suited to breakouts, even if some cases will return what where turning points, this is particularly true during ranging markets.
Of course the efficiency ratio is not an "unbiased" trend metric indicator, it can consider high volatility markets as trending markets. Its one of his downsides.
High values of power will create smoother bands.
When using a low power parameter use an higher mult. In general using a low power value will make the bands move more freely as well as making them closer to each others.
Conclusion
At least the indicator is really nice to the eyes when using high power values, its ability to adapt to the market is a great addition to other more classical bands indicators, i also introduced a volatility estimator based on kama, some might have used the following estimation : kama(abs(price - kama)) which would have created a slower result. A trailing stop might be made from it if i see request about such addition.
If you are curious here are some more images of the indicator performing on different markets. Thanks for reading !
Triangular Moving Average (TMA) bandsWhat in the world is up folks ??!??
Here's the indicator of the day. Sharing a simple one today because I'm busy coding for a few clients (fun life of a top script author on TradingView)
The TMA bands is an indicator that I discovered on FXCM a few years ago FXCM TMA bands
From the screenshot above, we see that when the price hits the lower band, it's a possible reverse BUY signal. When it hits the upper band, it's a possible SELL signal
Methodology
1) The Take Profit 1 is the middle line, Take Profit 2 is the opposite band.
2) Once the TP1 is hit, set your Stop Loss to breakeven
3) Once the TP2 is hit, if you still want to stay in the trade, set your Stop Loss to the TP1
That's what we call a trailing stop loss which I offered in the Trade Manager : Trade-Manager-Open-Source-Version/
It will be a powerful tool in your arsenal for some scalp/intraday trades
After years of coding for traders, I worked with many brokers/API/languages so I'm very used to convert a script from a broker to another one (shameless self-advertising)
PS
Tomorrow I'll share the Signal version of my Algorithm Builder:
You'll be able to connect it in a single click to a very cool Backtest System made by the Pinescripters community
In other words, I'm selling the scripts to allow you to build your own signals in a few clicks AND to connect it easily to a kick-ass backtesting tool. More to come tomorrow
Hope you'll like it, like me, love it, love me, tip me :)
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Feel free to hit the thumbs up as it shows me that I'm not doing this for nothing and will motivate to deliver more quality content in the future. (Meaning... a few likes only = no indicators = Dave enjoying the beach)
- I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies
Jump on a 1 to 1 coaching with me
- You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python