Channel Take Profit Tool for Alertatron

jordanfray Updated   
What is this for
This tool is designed as a companion to an automated strategy running on Alertatron. Sometimes when a strategy opens a trade, you decide that based on TA you would like to close all or or a portion of your trade at a support or resistance level. The strategy may already be programmed to take profit but this tool allows you to add additional take profit criteria that can trigger an alert to Alertatron if it happens before the strategy closes.

How to use it
When you add the indicator to your chart, it will ask you to select two points on the chart. These two points will be connected by a line and create the parallel channel that will be used for triggering a take profit alert. The offset is how wide you want the channel to be. When the high or low of a candle enters the channel from either direction, the alert will be fired. AFTER you add the indicator to the chart and configure ALL of the settings, you need to create an alert on the indicator for "All Alert Functions" and paste your incoming alert webhook from Alertatron into the webhook input.

Alertatron Setup
You will need to provide the API name that you have configured in Alertatron that matches the account the trade is open in. This tool supports ByBit and by may work with other exchanges too (this option just chooses which currency/pair divider is used in the alert message).

Release Notes:
Fixed two bugs:
  • amountToClose was being ignored. This is now fixed.
  • the side was hard coded to "sell" meaning you could only close longs. This is now dynamic based on which side the channel is entered from.
Release Notes:
Added logic to make sure the alert only fires one time so that if you want to close less than 100% of the position you don't accidentally close a percentage of the position multiple times.
Release Notes:
Tweaks styles to only plot a triangle the first time the close conditions are met.
Release Notes:
Updated the referenced library to version 95 to fix issues caused by updated to Pine.

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.


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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