jason5480

Template Trailing Strategy

This script is meant to be used as a generic template for new strategies. Take Profit, Stop Loss logic is provided out of the box with (or without) their trailing variations while the trailing for entry and exit orders can also be enabled and be configured!
Custom quantity risk management is provided along with the ability to set custom signal messages that can be send through webhook to your bot platform.
To create a new Strategy copy this script and replace the openLongPosition, closeLongPosition, openShortPosition, closeShortPosition variables under the STRATEGY section with your own logic.
Take some time to check the different options on all sections to have better understanding of the capabilities that script provide you for free!
Release Notes:
  • Add the option to select different moving average types for fast and slow MA instead of a fixed SMA.
Release Notes:
  • Make use of math_utils library
Release Notes:
  • Add an option to ignore close signals from crossover/crossunder so users can play exclusively with stop loss and take profit configuration
  • Fix some typos
Release Notes: Feature Release:
  • Now Strategy support two types of deal conditions (Internal and External). Internal is the "build-in" two MA cross over/under logic that is standalone. However, as proposed by @EltAlt now simple External deal conditions can also be constructed by this strategy! User can add his favorite indicator in the same chart as this strategy and use the output of this indicator as an External Input for the start and end Deal Conditions to open and close position and enter and exit orders.
  • Add option for different/secondary Stop Loss % and ATR Multipliers after the Take Profit Target is reached. As suggested by @PlusUltraTrading this will give more flexibility to the end user when he wants to apply more loose/strict stop loss rules after the initial take profit target was hit.

    At this point I want to thank all those who contributed with their ideas, comments and their personal time. This motivated me to build this template at its generic enough, but also useful for everyone current state. Use it wisely!
Release Notes: FETURE RELEASE:
  • Now you can set multiple Take Profit Targets for each entry! The initial target may use different method that the additional step targets (e.g. set initial TP at 3ATR and the next target at +5% on top of the initial TP price)
  • Beatification of the Input tab with emojis and "tabs" when sub-menus are implied.
  • Minor Bug and typo fixes for previously released features.
  • Several refactorings in the code, added descriptions for each module.
Release Notes: \nFix Release:
  • The minimum number of take profits can be 0
  • Some code cleanup
Release Notes:
  • Add session time filter
  • Now user can chose between three different ATR trailing methods Static, Dynamic and Ladder
  • Fix a bug that caused entry and exit trailing to not monotonically follow the trend when an external input indicator was triggered a signal second time before the strategy enters or exit the position.
Release Notes:
  • Add the option to close at market price at the end of a session
  • Some code refactoring
Release Notes: Feature:
  • New trailing Stop Loss, Entry and Exit method called Local Extrema. This technique allow the user to set his target price in the local maximum/minimum price plus/minus some ticks.
  • New Quantity method that is strictly based on equity percentage (rather than the capital at risk percentage).
Release Notes:
  • New option for Initial Take Profit target price to set it to the Local Extrema (minimum/maximum) plus/minus some ticks.
  • New implementation of the session filter now it is more versatile and accurate.
Release Notes: Make Session filter cyclical to capture overnight sessions.
Release Notes:
  • The convention for overnight session day now is the end day in order to match the build-in session logic
Release Notes:
  • Fix a bug that causing Risk-Reward Take profit Method (RR) to not work correctly when Stop Loss Method was set to Local max/min (LOC)
Release Notes:
  • Add ADX trend filter option
  • Add the ability to close early if the first take profit target is not hit within some bars from the entry
  • Add up to 5 TP alert messages that can be used
  • Now the user can use up tp 20 different variables in the alert messages that are passed as input to the strategy. Strategy will replace their current value before trigger the alert. Some of the variables are the TP, the SL prices and the quantities of entries and exits of the positions.
  • Use time_filtes library and string_variables
Release Notes:
  • Add {%{RISK}} {@{TICKER}} {@{BASE}} {@{QUOTE}} alert message variables
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.

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