Get started
daklein

10% Monthly Close DrawDown Trigger

daklein Updated   
Oscillators Trend Analysis Moving Averages
51
0
oscillator trendanalysis movingaverage
Plot the current 10% drawdown from recent peak monthly closes (meant as a safety stop loss exit point, if week or month closes below the 10% drawdown level). Also show the current 6month and 200d SMA lines, which can be used as a re-entry point. Meant to be used with S&P500.
Release Notes:
commenting, updated example plot view
Release Notes:
Plot SMA roughly equivalent to 200 day for Week or Month charts, hide the line if the chart is intraday.

Corrected the 6M SMA to use current month's last daily close, and update the drawdown line only after a full month close.
Release Notes:
Added 13 week EMA & SMA lines, potential weekly re-entry criteria
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

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.

Want to use this script on a chart?