OPEN-SOURCE SCRIPT
hTU Stop
The idea of this script is to identify candles that have made new highs and have closed above the selected moving average or have made new lows and have closed below the selected moving average. It's a stop method I've been using lately that works best on trending days and I find it helps to keep you from getting stopped out of consolidation periods.
What I do if long is trail my stop using the latest completed candle's 8sma plus a few cents cushion. I will keep moving my stop up for every new candle, but ONLY if that candle's high is higher than the candle I am currently using for a stop. With this script, the candles that have made a new high over a period of the last "x" (default is 4) candles will be labelled with an "L". The same is applied in the opposite direction for a short position. Those candles are marked with an "S".
What I do if long is trail my stop using the latest completed candle's 8sma plus a few cents cushion. I will keep moving my stop up for every new candle, but ONLY if that candle's high is higher than the candle I am currently using for a stop. With this script, the candles that have made a new high over a period of the last "x" (default is 4) candles will be labelled with an "L". The same is applied in the opposite direction for a short position. Those candles are marked with an "S".
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
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.