OPEN-SOURCE SCRIPT
BEST Strategy Template w/ Custom SL/TP Size - Educational
Hello traders
I'm getting this question at least once per week: "how to define a custom exit quantity for my stop loss and a different one for my take profit"
Instead of answering every day the same question in my DMs, I've decided to publish an educational strategy template script using this
Features
- Select to use or not the SL and/or TP
- Define how many pips/USD the SL/TP should be set at from the entry
- Define what quantity percentage you want to close at SL and/or at TP (lines 301 to 320 in the code)
- Classical custom trailing stop where the SL is moved to breakeven once the TP is hit
- Get real-time backtesting stats based on the options you've selected
Update
You might not know it yet but from last week (or maybe the week before), the qty/qty_percent from the strategy.exit function refers now to the initial position size (and not the remaining position size like before)
For example:
strategy.exit("EX1", qty_percent = 50, stop = constant)
strategy.exit("EX2", qty_percent = 20, stop = constant)
What happened before
After "EX1" reaches SL levels, "EX2" exits 20% from the % of the remaining position size.
If the initial position size = 100 contracts
EX1 exits 50 contracts
EX2 exits 20% of 50 contracts = 10 contracts
What's happening now
After "EX1" reaches SL levels, "EX2" exits 20% from the % of the original position size.
If the initial position size = 100 contracts
EX1 exits 50 contracts
EX2 exits 20 (20% of 100 contracts) contracts
I think this is an improvement and I really enjoy this new behavior.
See you in a few days with another post :)
ALL THE BEST
Dave
I'm getting this question at least once per week: "how to define a custom exit quantity for my stop loss and a different one for my take profit"
Instead of answering every day the same question in my DMs, I've decided to publish an educational strategy template script using this
Features
- Select to use or not the SL and/or TP
- Define how many pips/USD the SL/TP should be set at from the entry
- Define what quantity percentage you want to close at SL and/or at TP (lines 301 to 320 in the code)
- Classical custom trailing stop where the SL is moved to breakeven once the TP is hit
- Get real-time backtesting stats based on the options you've selected
Update
You might not know it yet but from last week (or maybe the week before), the qty/qty_percent from the strategy.exit function refers now to the initial position size (and not the remaining position size like before)
For example:
strategy.exit("EX1", qty_percent = 50, stop = constant)
strategy.exit("EX2", qty_percent = 20, stop = constant)
What happened before
After "EX1" reaches SL levels, "EX2" exits 20% from the % of the remaining position size.
If the initial position size = 100 contracts
EX1 exits 50 contracts
EX2 exits 20% of 50 contracts = 10 contracts
What's happening now
After "EX1" reaches SL levels, "EX2" exits 20% from the % of the original position size.
If the initial position size = 100 contracts
EX1 exits 50 contracts
EX2 exits 20 (20% of 100 contracts) contracts
I think this is an improvement and I really enjoy this new behavior.
See you in a few days with another post :)
ALL THE BEST
Dave
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.
⭐️ Listed as TradingView Trusted Pine Programmer
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
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.