This is a “twin” indicator to the “Short Position” indicator. Both of these indicators share very similar scripting elements, purpose, and calculation logic. Mathematical principles are basically flipped 180° if you were to compare them, although things can be very complex in the coding world. These indicators are intended to be used separately or in conjunction with each other. The reason they’re separated into two publications is mostly to avoid confusion when navigating through the settings. Settings are also “color-coated” with default colors and we do not think that too much red belongs in the “Long Position” indicator. Also, we believe that if someone wants to buy, they shouldn’t have to think about selling and vice versa.
“How to use” & script information Upon execution of this script, you will be asked to click on the chart’s timeline. The position will then lock onto the candlesticks in that area and automatically (according to this script’s algorithm) calculate a “reasonable” leverage, as well as stop-loss, targets, and more.
These calculated levels are based on previous volatility for that specific chart and timeframe. Volatility is determined by different elements defined in this script (closed-source). In short, the script’s volatility-based algorithms looks at previous price action and then applies a very precise logic to it.
Now the user has a starting point and can determine if the indicator did a good job or if they want to input their own values. Below are some available functions that also can be enabled in the settings. Focus-assist: Volatility and position-based signal during strong movements relative to previous volatility. Dynamic-target: Volatility and position-based target that closes the position when strong movements are identified. To keep this description short, we will stop here.
Summary With this indicator, it’s possible to set up “fake” positions and practice or “play” with buying and selling with leverage. You can look at past performance and thereafter use it from day to day and see if you can make the right decisions in the right moments. You can also “invent” your own use cases or maybe you just want to visualize leverage.
Nota Keluaran
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Small but important fix. Previously, a default setting was pointing to a symbol that does not exist anymore. This caused the whole indicator to break upon launch. This setting has been changed.