Fixed Percent Stop Loss & Take Profit %
A neat example of how to set up Fixed Stops and Take Profit as a percent of the entry price.
Yup, that's about it!
You can ignore the actual entry/exit orders - they're based on a simple MA cross and are therefore NOT relevant, NOT really profitable and NOT recommended!
You should be using this code as a way of adding Stops and Takes to your own scripts - hope it helps!
Good Luck and Happy Trading!
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 @theCrypster for the great work!
Short Q to whomever can answer - check of example the list of trades in this example page.
You will see a loss lager then the SL.. what am i missing here?
This may provide useful - If the bar is still active when the SL gets hit, the SL signal won't display the "correct" SL price until that bar has closed. It will display the SL at the current price, and every time you update the chart it will update with the new "current" price. So, only once the bar has closed the SL will update to the correct position and your strategy back-test will provide accurate SL info.
Hope that helps you. Let us know!
Thanks for replying back. I’ll try to be specific.
I can see trades that had loss more than the SL.
(In the back test trades list).
The question is - Why is that?
And can we get it to stop at this price and not loss more than what was defined?
So, the first "issue" (it's not an issue, really) is that when you are Long, but a signal (like the MA Cross in the example), shows a Short, it would obviously close the Long trade and enter the Short. So, you might only have 5% of your 10% TP target. This is why some trades are exited at BELOW value.
The actual problem/bug that we need to resolve is when you enter a trade and the price moves in the wrong direction immediately (on the same bar). This code will currently only fix your SL/TP in position after the trade entry bar has closed. So we'd need to enter at the bar close of the previous bar, not the open price of the current bar.
Does that make any sense! (?)
Right at the top of your script within the "Strategy" tag, add this:
>>>>>>> process_orders_on_close=true <<<<<<<
That should now open any trades at the close of whichever bar signals the trade, rather than plotting it at the open price of the next bar. This in turn then means the SL/TP values should be confirmed and awaiting a "hit" as soon as the next bar opens! I think...
Try it out and Please Please Please let us know how it goes! :D
Thanks for spotting that one, I love this community!
Will give it a try!
(Suggest to fix it in this strategy as well).
Love this community as well!
check out the following use case:
Using Days candles - entry price 100 --> SL of 5% will target 95.
Now... during the off market, the price now drops bellow 95(!), e.g the new day starts with prince of 80.
The strategy will close at 80.
As I'm new to trading I wonder if such case can happen in *real life* trades
(not only in testing and back testing.. means that although I gave a stop loss order, there are cases that
I will get a bigger hit.. )
Appreciated your help and answering!
I can't easily see a fix for the "next bar SL/TP not hit" issue at the moment - give us some time and we'll get back to you on that one!
Thanks again, this has been fun! :)