It will draw risk/reward levels upon your favorite (default is 13ema) as the price goes and it will work for both long or short scenarios for a potential trend continuation play.
You got the option to align your level to match exactly your selected or to be placed in between the first two levels (default settings) if you prefer.
I personally use this one settings for shorter time frames (up to 3min) and the aligned one for higher time frames.
- Moved levels and prices to the right side of the current candle
- Added information about the "per order" size (next to full order size) to match the wanted risk
- Modified some colors to be more visible
The levels would keep updating anyway in case of a new pivot high/low like it was in the previous version.
Moreover, the suggested sizing based on risk amount set by the user is now rounded to the closet dozen or hundred to make it more intuitive to plan for a trade.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.