jason5480

Trailing Take Profit Trailing Stop Loss

This script demonstrated a dual trailing take profit and stop loss strategy. Where you take 50% (configurable) of the profit when a price level is reached and then you get the rest when a trailing stop loss is hit.
Release Notes:
  • Logic for short positions added
  • Logic to exit when "trend" (based on the two sma) changes. This prevents overlapping positions and results in more clear demonstration.
  • Add option to enable/disable stop loss trailing
  • Add min max for inputs
  • Add plots for short take profit and stop loss
Release Notes:
  • Fix bug that caused Stop Loss to not set correctly when Take Profit was triggered in the very first candle
  • Give more descriptive names to strategy orders
Release Notes:
  • Fix quantity taken on "Short Take Profit" order to match the given quantity percentage given by the user
Release Notes:
  • Add the option to start Stop Loss trailing from the beginning of the entry order as @Soincoin proposed
  • Trailing Stop Loss is enabled when TP order is filled not when TP target is reached
  • Simplified Take Profit and Stop Loss Price code to be more readable
  • Simplified strategy orders
  • Add offset to the plots to have a more intuitive representation
  • Fixed a bug where TP and SL orders were not filled if they triggered in the very first candle
  • Don't draw the TP price if the TP order is filled
Release Notes:
  • Fixed a rare bug that caused some transactions to not exit 100% of the position size when Stop Loss and take Profit was hit at the same candle.
  • Fixed a bug that made the percentage quantity handled by the Stop loss order incorrect.
  • Changed the name of "Take Profit" odrers to "Take Profit / Stop Loss" to better reflect the fact that the order will exit if stop loss price is reached first.
  • Simplified strategy order code and added closeLongDeal and closeShortDeal variable to make code more readable.
Release Notes:
  • Add check to calculate TP and SL prices when it is within backtest period to avoid unnecessary calculations and painting outside the area of interest
  • Add check to the Take Profit Executed condition that compare the high/low price with the take profit price
Release Notes:
  • Replace deprecated transp argument with color.new to prevent warnings during compilation of the script
Release Notes:
  • Fix a rare bug that were causing the stop loss to be calculated wrong when there was a back to back entry with the previous one
  • Use strategy.percent_of_equitity
  • Draw lines with width 1
  • Add highlighter for positive and negative price moves
Release Notes:
  • Update to pinescript V5
  • Take profit steps to 0..05 and deviation steps to 0.01
Release Notes:
  • Minor transparency issue
Release Notes:
  • Transparency deprecation
Release Notes:
  • New Break Even feature added!

If Break Even check box is checked, then when the take profit price is hit, the stop loss will be moved to the entry price or "better" depending on the stop loss % and the trailing settings. The more strict value will be applied.
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.

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