jason5480

Trailing Buy

jason5480 Pro Updated   
This script demonstrates how to do trailing buy. With this approach, given an entry signal, instead of buying directly, you just follow the price downwards (for long positions) and you buy when the price increases by a small percentage. The order will be executed when the next bar is closed. This approach may increase the profits (slightly) in some strategies! This script can be used as a template for your own strategy. Be aware that the simulated data may produce unrealistic results.
Release Notes:
  • Fix some bugs in some edge cases
  • Refactor the code to better reflect what it does
Release Notes:
  • Fix minor typos
Release Notes:
  • Use stop orders when trailing instead of market orders at the start of the next candle (suggestion by @freyadog)
  • Use time_filter library
Release Notes:
  • Minor code clean up
  • Change color scheme
Release Notes:
  • Update time_filters library
Release Notes:
  • Replace deprecated "when=" with if statements in strategy calls
Release Notes:
  • Change fastMA default color to yellow
  • Change trailing entry price default color to blue
Release Notes:
  • Increase max labels to 150
  • Minor refactoring
Release Notes:
  • Update time_filters library
Release Notes:
  • Change the settings so the order type (market, stop-limit) is independent from the trailing
  • Some minor label/color changes
Release Notes:
  • Added option for limit orders
Release Notes:
  • small refactoring
Release Notes:
  • Update time_filters library version
Open-source script

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.

Disclaimer

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