This is a good alternative to pivot points and ma lines to find long and short exit points (stop loss prices) for a trade. When you hear traders say "set the stop loss to the recent swing", this indicator seems to do a reasonable job of finding those.
This script marks
the low of the most recent red candle
the high of the most recent green candle
in order to help identify a reasonable stop loss exit point for long and short trades.
You can also specify a distance threshold to the stop loss point.
How to use it.
Decide how far from the current price the exit should be (default 1.5%)
Use your chosen trading strategy to identify a long or short entry position
Add a long/short drawing to the close of the trade candle
Set the stop loos of your drawing to the exit line of this indicator
Set the take profit of your drawing using the desired risk to reward ratio
Note: A good rule is that if this indicator does not show a valid exit line, do not enter the trade. Note: If the change of a new "last Green High" or the "last Red Low" is below 0.5%, the indicator will keep the previous values
릴리즈 노트
Fixed an issue where the distance to exit % was not using the input. Changed the default to 0.5
릴리즈 노트
Changed line type removed stuff from the cart.
릴리즈 노트
Fix error converting the change required to switch to a new recent low/high Also added input for that threshold
릴리즈 노트
Removed a debug plot because I'm an idiot
릴리즈 노트
Added the ability to show or hide long or short lines.
릴리즈 노트
Removed an unreasonable offset
릴리즈 노트
added a change filter for the plot to make the chart clearer
진정한 TradingView 정신에 따라, 이 스크립트의 저자는 트레이더들이 이해하고 검증할 수 있도록 오픈 소스로 공개했습니다. 저자에게 박수를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 출판물에서 이 코드를 재사용하는 것은 하우스 룰에 의해 관리됩니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.