This is a good alternative to pivot points and ma lines to find long and short exit points (stop loss prices) for a trade. When you hear traders say "set the stop loss to the recent swing", this indicator seems to do a reasonable job of finding those.
This script marks
the low of the most recent red candle
the high of the most recent green candle
in order to help identify a reasonable stop loss exit point for long and short trades.
You can also specify a distance threshold to the stop loss point.
How to use it.
Decide how far from the current price the exit should be (default 1.5%)
Use your chosen trading strategy to identify a long or short entry position
Add a long/short drawing to the close of the trade candle
Set the stop loos of your drawing to the exit line of this indicator
Set the take profit of your drawing using the desired risk to reward ratio
Note: A good rule is that if this indicator does not show a valid exit line, do not enter the trade. Note: If the change of a new "last Green High" or the "last Red Low" is below 0.5%, the indicator will keep the previous values
Phát hành các Ghi chú
Fixed an issue where the distance to exit % was not using the input. Changed the default to 0.5
Phát hành các Ghi chú
Changed line type removed stuff from the cart.
Phát hành các Ghi chú
Fix error converting the change required to switch to a new recent low/high Also added input for that threshold
Phát hành các Ghi chú
Removed a debug plot because I'm an idiot
Phát hành các Ghi chú
Added the ability to show or hide long or short lines.
Phát hành các Ghi chú
Removed an unreasonable offset
Phát hành các Ghi chú
added a change filter for the plot to make the chart clearer
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. Bạn có thể yêu thích nó để sử dụng nó trên biểu đồ.
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.