OPEN-SOURCE SCRIPT
Percent Channel
This channel based on price % above and bellow the close price . I set to be 3 % above or bellow. This give us two functions:
the first we can use it as target both for take profit or stop loss (if we do it manual )
The second since we make a channel of high and low we can crate signal based on the price movement of this two
and by that we transform it to something with greater use.
You can change the % of the channel according to your needs , or the lookback length
also I add take profit both for short or long (here is at 5%)
also the channel can give us the high or low if you want to see that
the first we can use it as target both for take profit or stop loss (if we do it manual )
The second since we make a channel of high and low we can crate signal based on the price movement of this two
and by that we transform it to something with greater use.
You can change the % of the channel according to your needs , or the lookback length
also I add take profit both for short or long (here is at 5%)
also the channel can give us the high or low if you want to see that
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.