SL Manager

STOP LOSS MANAGER

Overview:

The "SL Manager" indicator is designed to assist traders in managing their stop loss (SL) and take profit (TP) levels for both long and short positions. This tool helps you visualize intermediate levels, enhancing your trading decisions by providing crucial information on the chart.

Usage:

This indicator is particularly useful for traders who want to manage their trades more effectively by visualizing potential adjustment points for their stop loss and take profit levels. It helps in making informed decisions to maximize profits and minimize risks by providing clear levels to take partial profits and adjust stop losses.


Features:

Position Input: Select between "long" and "short" positions.
Entry Price: Specify the entry price of your trade.
Take Profit: Define the price level at which you want to take profit.
Stop Loss: Set the stop loss price level to manage your risk.


Intermediate Levels:

For both long and short positions, the indicator calculates and plots the following intermediate levels:

50% Take Profit (TP 50%): Midway between the entry price and the take profit level, where you can take partial profits and move your SL up to the 25% mark.
75% Take Profit (TP 75%): Three-quarters of the way from the entry price to the take profit level, where you can take partial profits and move your SL to breakeven.
Stop Loss Move to 25% (SL Move to 25%): A level where the stop loss can be adjusted to lock in profits.


Visualization:

The indicator plots the calculated levels directly on the chart, provided the data for the current day is available. Different color codes and line styles distinguish between the various levels:

TP 50% and TP 75% are plotted in green.
SL Move to 25% is plotted in red.
Entry/Breakeven is plotted in blue.