BKN: Hickory Smoked

Welcome to the BKN: Hickory Smoked Indicator. This is an algorithmic indicator that thrives in trending environments. We've included settings for crypto and forex and speed options for lower timeframe entries.

The script offers a stop loss or trailing stop loss that will trigger when an entry is triggered. You can also choose to use it as long or short only.

This indicator is automation ready with alerts for both opening and closing positions.

***IMPORTANT***

For access, please do not comment below. Instead, send a DM here on TradingView or on my linked Twitter account.

Release Notes:

BKN Hickory Smoked now allows you to pre-set a risk amount and pass on that risk amount to determine position size. If you input a risk of $100 per trade, the script will calculate where the stop loss will be as a decimal (10% would be 0.1) and then divide your pre-determined R of 100 by that decimal. In this situation, 100/0.1 yields a position size of $1000. Now, you can pass that position size to a bot of your choice by using the below syntax in your alert to output position size:

{{plot("PositionSize")}}

Note that because this value needs to be turned into a plot for the purpose of adding it to the TradingView alert, it will distort your charts if you have "auto" on. The plot has been made transparent and un-editable, but it will still distort the chart itself.

Release Notes:

Added syntax to reference the number of contracts of an asset in position size and also to reference a partial close.

Release Notes:

An update to prevent the script from giving both a close and open signal on the same bar. Also corrected title of stops to Short Stop and Long Stop for consistency purposes.

Release Notes:

Updating script to include default bot commands in the alerts as well as updates that include a label to show settings and labels to show Return per trade and Cumulative Return based on R. In order for these labels to work, you'll need to be using the indicator's built in stop loss.