When applied initially shows trailing stop based on previous day close.
When going long go to "Format" and enter
- Buy Price (default - current bar close)
- Stop Range (default - $0.2)
- Time of trade.
Graph will change to reflect stop loss by Stop Range below Buy Price.
Going forward Stop Loss line will rise with price going up or stay at highest achieved level when price goes down.
Sell when price is close to current level of Stop Loss.
In chart above trade was made at 11:05 AM at $43.70
Initial Stop Loss set 43.70 - 0.2 = 43.50
Since bar close was 43.75 stop loss moved to 43.75
Works on different intraday intervals.
Does not work on first bar of the day
Starts on second bar of the day.
Previous days lines should be ignored.
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.
//////////////////////////////////////////////////////////// // Intraday Trailing Stop Loss //@version=2 //////////////////////////////////////////////////////////// study(title="Trailing Stops Loss", overlay = true) StopLossRange = input(0.2) highTimeFrame = "1" sessSpec = input("0931-1600", type=session) BuyPrice = input (close, type = float) is_newbar(res, sess) => t = time(res, sess) change(t) > 0 ? 1 : 0 TrailingStop = (BuyPrice >= close)? BuyPrice - StopLossRange : close >= open? close - StopLossRange: TrailingStop new_TrailingStop = if is_newbar(highTimeFrame, sessSpec) if TrailingStop < new_TrailingStop new_TrailingStop else TrailingStop else TrailingStop plot_color = is_newbar(highTimeFrame, sessSpec)? color(red, 0): color(blue, 100) plot(new_TrailingStop, linewidth=2, color = plot_color ) //plot(TrailingStop, color=blue)