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OPEN-SOURCE SCRIPT

Trailing Take Profit

By jason5480
Updated
This script demonstrates how to do trailing take profit. With this approach instead of setting a limit order, when you hit the target you just follow the price upwards (for long positions) and you sell when the price drops by a small percentage. This approach will increase the profits (slightly) in every strategy! Be aware that the simulated data may produce unrealistic results.
Release Notes
  • Add min and max input val
  • Simplify the strategy order commands
  • Simplify long Take profit price plot command
Release Notes
  • Use close source to define the profit price
  • Set offset to the plot of TP price
Release Notes
  • Check if time is within backtest period to prevent unecesary calculation and print inside the area of interest
  • Replace deprecated transp argument with color.new
Release Notes
  • Use strategy.percent_of_equity
  • Draw lines with width 1
Release Notes
  • Update pinescript to V5
  • Take profit step to 0.05 deviation to 0.01
  • Transparency deprecation fix
Release Notes
  • Let's face it a Green-Red color model is more intuitive!
Release Notes
  • Happy New Year!
  • Many code refactorings and optimizations to better use this script as a template and plug your own strategy at ease
Release Notes
  • (minor) refactoring
Release Notes
  • Use time_filters library
Release Notes
  • Minor revision update
Release Notes
  • Replace deprecated "when=" with if statements in strategy calls
Release Notes
  • Change fastMA default color to yellow
Release Notes
  • Increase max labels to 150
  • Increase max lines to 150
  • Minor refactoring
Release Notes
  • Update time_filters library
Release Notes
  • Some minor label/color changes
Release Notes
  • small refactoring
Release Notes
  • Update time_filters library version
Release Notes
  • Update time_filters library version
Release Notes
  • Use the 'chrono_utils' library for the date-time window filter
Release Notes

  • Add different alert messages per event
  • Update 'chrono_utils' library
Moving Averagestakeprofittrailingtrailingtakeprofit

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 publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

jason5480
📧 Contact info
Telegram: @jason5480

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