Trailing Stop Loss

This script demonstrate how to make a Training Stop Loss to "ride the wave". In comparison to classic Stop Loss this strategy follows the price upwards (for long positions) and when price drops by a fixed percentage then you exit your position.

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• Minor typos
  

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• Add the ability to disable trailing for demonstration reasons
  
• Close open orders on trend reversal
  
• Add sell labels on cross-under
  

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• Fix a bug that made Stop Loss to not trigger appropriately when it was reached at the very first candle end enable trailing was un-checked
  

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• Refactor stopValue calculation to be more readable
  

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• Fix longIsActive logic
  

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• Check if time is within backtest period in order to set the price to prevent unnecessary calculations and drawing outside the area of interest
  
• Replace deprecated trasp argument with color.new
  

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• Set calc on every tick to false by default, as @fgo943 suggested
  

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• Minor Update the chart for a better overview and understanding of the trailing stop loss
  

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• Fix a bug that were causing stop loss to be calculated wrong when there was new entry back to back with the end of the previous one
  
• Use strategy.percent_of_equity
  

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• Draw lines with width 1
  

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• Update to pinescript V5
  
• Stop Loss step is now 0.05
  

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• Let's face it a Green-Red color model is more intuitive!
  

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• Happy New Year!
  
• Many code refactorings and optimizations to better use this script as a template and plug your own strategy at ease
  

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• Bug fix: (rare/minor) Remove 'strategy.position_size == 0' condition in stop loss calculation that made the very first stop loss price target to be calculated based on previous 'strategy.position_avg_price' instead of 'close' if the previous position closed exactly one bar before!
  

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• (minor) refactoring
  

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• Use time_filters library
  

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• Minor revision update
  

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• Replace deprecated "when=" with if statements in strategy calls
  

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• Change fastMA default color to yellow
  

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• Increase max labels to 300
  
• Minor refactoring
  

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• Update time_filters library
  

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• Some minor label/color changes
  

Versionsinformation:

• small refactoring
  

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• Update time_filters library version
  

Versionsinformation:

• Update time_filters library version