OPEN-SOURCE SCRIPT
Updated Fixed price Stop Loss [Takazudo]
This strategy is a demo for fixed price stop loss.
This strategy enables you to specify fixed price stop loss. Let's say your deposit is USD. When you trade EURCAD, you need to specify the quantity for trade. Here comes three chances for trade.
In these trade, the risk is different for each. ABC risk ratio is 5:2:1. And, you cannot know how much to lose if the price hits the stop loss. This is a huge problem.
With this strategy, You can specify the fixed risk price for each trade. If you specify 100 USD for the risk, this strategy calculates how much quantity to buy or sell for each entry. In the case above, this strategy guides you how much quantity to buy or sell like below.
If you make entries with those quantity and the price hits the stop loss, You will lose the money like below.
This is what this script does. Fixed price SL.
I tested this caliculation for OANDA's main 28 currency pairs forex listed below.
AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY
I may add more pairs later.
Note: The entry strategy in this script is not intented to win. Check the result. Be careful.
This strategy enables you to specify fixed price stop loss. Let's say your deposit is USD. When you trade EURCAD, you need to specify the quantity for trade. Here comes three chances for trade.
- A: SL pips: 500
- B: SL pips: 200
- C: SL pips: 100
In these trade, the risk is different for each. ABC risk ratio is 5:2:1. And, you cannot know how much to lose if the price hits the stop loss. This is a huge problem.
With this strategy, You can specify the fixed risk price for each trade. If you specify 100 USD for the risk, this strategy calculates how much quantity to buy or sell for each entry. In the case above, this strategy guides you how much quantity to buy or sell like below.
- A: 2,000 qty (SL: 500pips)
- B: 5,000 qty (SL: 200pips)
- C: 10,000 qty (SL: 100pips)
If you make entries with those quantity and the price hits the stop loss, You will lose the money like below.
- A: 100 USD
- B: 100 USD
- C: 100 USD
This is what this script does. Fixed price SL.
I tested this caliculation for OANDA's main 28 currency pairs forex listed below.
AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY
I may add more pairs later.
Note: The entry strategy in this script is not intented to win. Check the result. Be careful.
Release Notes
typoRelease Notes
updated PineScript version 4 to 5Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.