This script is for research purposes only. I am not a financial advisor.
Entry Condition This strategy is based on two take profit targets, two stop loss, and scaling out strategy. The entry rule is very simple. Whenever the EMA crossover WMA, the long trade is taken and vice versa.
Take Profit and Stop Loss The first take profit is set at 20 pips above the long entry and the second take profit is set at 40 pips above the long entry. Meanwhile, the first stop loss is set at 20 pips below the long entry and the second stop loss is set at the long entry.
Money Management When the first take profit is achieved, half of the position is closed and the first stop loss is moved to the entry-level. The rest of the position is open to achieve either second take profit or second stop loss.
There are three outcomes when using this strategy. Let's say you enter the trade with 200 lot size and you are risking 2% of your equity. 1. The first outcome is when the price hits stop loss, you lose the entire 2%. 2. The second outcome is when the price hits the first take profit and you close half of your position. Meaning that you have gained 1%. Then you let the trade running and eventually it hits the second stop loss. Remember your first stop loss has changed to the second stop loss when the first take profit is achieved. The total loss is 0% because the price is at your entry-level. You have gained the earlier 1% and then lost 0%. At this point, you are at 1% gained. 3. The third outcome is similar to the second out but instead of hitting the second stop loss, the trade is running to your favor and hits the second take profit. Therefore, you gained 1% from the first take profit and you gained another 2% for the second take profit. Your total gained is 3%
Summary The reason behind this strategy is to minimize risk. with normal strategy, you only have two outcomes which are either win or loss. With this strategy, you have three outcomes which win 3%, win 1%, or loss 2%.
Hello. This is great! I like your method but found the code a little hard to read so I had a crack at this problem as well. I've published a strategy to achieve the same.
Ilya_Sim
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Hey awesome script!
KiryuFX
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This is awesome strategy. Thanks man!
Duanthiassom
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Is it working now?
ritvikraj102sim
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bro how we can trail it
mehrantrade500
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I made a series of changes and made this script more profitable. Thank you very much
hello. ur idea is awesome. but instead of pips snippet(pip = input(20)*10*syminfo.mintick), if we want to use percentage,then what will be the snippet for it?
I like your method but found the code a little hard to read so I had a crack at this problem as well. I've published a strategy to achieve the same.