OPEN-SOURCE SCRIPT
5 SMA and 200 SMA Strategy with 1:3 Target and SL
Stop Loss (SL) and Target (1:3 Risk/Reward):
Long Position:
The stop loss is set at 1% below the entry price (longSL = strategy.position_avg_price * 0.99).
The take profit target is set at 3% above the entry price (longTarget = strategy.position_avg_price * (1 + 0.03)).
Short Position:
The stop loss is set at 1% above the entry price (shortSL = strategy.position_avg_price * 1.01).
The take profit target is set at 3% below the entry price (shortTarget = strategy.position_avg_price * (1 - 0.03)).
1:3 Risk-to-Reward:
The ratio between the stop loss and target is set to 1:3, meaning for each trade, the take profit is 3 times the distance of the stop loss.
How it works:
When a long or short trade is triggered, the script will place a stop loss 1% away from the entry price.
The take profit target will be placed 3% away from the entry price (in the favorable direction).
Feel free to adjust the stop loss and target percentages as needed.
Long Position:
The stop loss is set at 1% below the entry price (longSL = strategy.position_avg_price * 0.99).
The take profit target is set at 3% above the entry price (longTarget = strategy.position_avg_price * (1 + 0.03)).
Short Position:
The stop loss is set at 1% above the entry price (shortSL = strategy.position_avg_price * 1.01).
The take profit target is set at 3% below the entry price (shortTarget = strategy.position_avg_price * (1 - 0.03)).
1:3 Risk-to-Reward:
The ratio between the stop loss and target is set to 1:3, meaning for each trade, the take profit is 3 times the distance of the stop loss.
How it works:
When a long or short trade is triggered, the script will place a stop loss 1% away from the entry price.
The take profit target will be placed 3% away from the entry price (in the favorable direction).
Feel free to adjust the stop loss and target percentages as needed.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.