Here we go again.... with another strategy snippet.
Reminder: it's an alternative of this Trailing Stop strategy script
The entry is based on a Simple Moving Averages ( ) cross.
This part doesn't matter here - as I wanted to focus on the ATR multiple stop loss component.
This strategy snippet uses an entry stop loss defined based on a multiple of the value.
The soure code detects ATR value at entry price, applies the multiplier and will set a static (= non trailing) stop-loss to each position
A pinescript v4 label will appear for each new signal displaying the ATR*multiplier value at signal time
All the BEST
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.
Thanks so much
I do not see any use of line 42 and 69, is your code incomplete or incorrect as stop_price sounds important?
Example: you go long, then add other longs within a BULLISH trend