OPEN-SOURCE SCRIPT
XAU_USDMaster Script
SMA Crossover with Take Profit and Stop Loss Indicator
Description:
The SMA Crossover with Take Profit (TP) and Stop Loss (SL) indicator is designed to assist traders in identifying potential buy and sell signals based on Simple Moving Averages (SMA). This script overlays the chart with two SMAs—a short-term SMA and a long-term SMA—allowing users to visualize trends and reversals effectively.
Key Features:
Simple Moving Averages (SMA):
Users can customize the lengths of the short-term (default: 10) and long-term (default: 50) SMAs.
The short-term SMA is plotted in blue, while the long-term SMA is plotted in red.
Buy and Sell Signals:
Buy signals are generated when the short-term SMA crosses above the long-term SMA.
Sell signals occur when the short-term SMA crosses below the long-term SMA.
Background colors change to indicate buy (green) and sell (red) signals.
Take Profit and Stop Loss Levels:
The script includes customizable take profit (TP) and stop loss (SL) levels, which are visually represented on the chart as horizontal lines.
Take profit levels are drawn in green, while stop loss levels are drawn in red.
Labels and Drawdowns:
Labels are displayed on the chart to indicate the entry points for trades, along with the specified TP and SL levels.
The script also tracks drawdowns to help traders assess risk and manage their positions effectively.
This indicator is an excellent tool for both novice and experienced traders, providing visual cues for potential trading opportunities and risk management through TP and SL levels.
Description:
The SMA Crossover with Take Profit (TP) and Stop Loss (SL) indicator is designed to assist traders in identifying potential buy and sell signals based on Simple Moving Averages (SMA). This script overlays the chart with two SMAs—a short-term SMA and a long-term SMA—allowing users to visualize trends and reversals effectively.
Key Features:
Simple Moving Averages (SMA):
Users can customize the lengths of the short-term (default: 10) and long-term (default: 50) SMAs.
The short-term SMA is plotted in blue, while the long-term SMA is plotted in red.
Buy and Sell Signals:
Buy signals are generated when the short-term SMA crosses above the long-term SMA.
Sell signals occur when the short-term SMA crosses below the long-term SMA.
Background colors change to indicate buy (green) and sell (red) signals.
Take Profit and Stop Loss Levels:
The script includes customizable take profit (TP) and stop loss (SL) levels, which are visually represented on the chart as horizontal lines.
Take profit levels are drawn in green, while stop loss levels are drawn in red.
Labels and Drawdowns:
Labels are displayed on the chart to indicate the entry points for trades, along with the specified TP and SL levels.
The script also tracks drawdowns to help traders assess risk and manage their positions effectively.
This indicator is an excellent tool for both novice and experienced traders, providing visual cues for potential trading opportunities and risk management through TP and SL levels.
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.
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.