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
You can also specify a distance threshold to the stop loss point.
How to use it.
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
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
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
Changed the default to 0.5
Phát hành các Ghi chú:
Changed line type
removed stuff from the cart.
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
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