Trailing Take Profit

This script demonstrates how to do trailing take profit. With this approach instead of setting a limit order, when you hit the target you just follow the price upwards (for long positions) and you sell when the price drops by a small percentage. This approach will increase the profits (slightly) in every strategy! Be aware that the simulated data may produce unrealistic results.
Release Notes:
  • Add min and max input val
  • Simplify the strategy order commands
  • Simplify long Take profit price plot command
Release Notes:
  • Use close source to define the profit price
  • Set offset to the plot of TP price
Release Notes:
  • Check if time is within backtest period to prevent unecesary calculation and print inside the area of interest
  • Replace deprecated transp argument with color.new
Release Notes:
  • Use strategy.percent_of_equity
  • Draw lines with width 1
Release Notes:
  • Update pinescript to V5
  • Take profit step to 0.05 deviation to 0.01
  • Transparency deprecation fix
Release Notes:
  • Let's face it a Green-Red color model is more intuitive!
Skript med en öppen källkod

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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