DayTradingOil

Trade Manager

Greetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: https://www.tradingview.com/u/DayTrading...).
This one is called Trade Manager.

How To Use Trade Manager
Trade Manager acquires potential targets by measuring the Average Change of Price from a user-defined resolution, from Open to Open. By default, the Resolution is set to 1 Day, however you can play around with Weekly, Monthly, etc. When a new resolution period begins, Trade Manager will automatically adjust its Targets based on the new Average Change of Price.

Due to the avoidance of Security() in this script, you may have to play around with the Timeframe that you use it in to ensure that you have enough bars on your chart to process the User-Defined Resolution.

The idea behind Trade Manager is quite simple yet can be quite powerful at the same time. Consider a Daily Candle for example. You can clearly see how a vast amount of price movement can be encapsulated within it, sometimes in both directions. By measuring the Average Change of Price per day(From Open to Open), we can use this Average to build targets off of. Defining a small Threshold above and below the Open Price of the Daily Candle allows you to set Limit Orders at these levels with predefined Targets. Then, the use of the custom Trailing Stop and Break Even helps to secure profits without giving too much back to the market, all while managing your risk.

Within the Settings of Trade Manager, you have the option to alter the logic of whether Break-Even is set after the first Target or second Target is hit.

In addition to using a User-Defined Resolution Period, you can also input a Custom Price into the settings of Trade Manager and allow the Targets, Trailing Stop, and Break Even to be calculated from the Custom Price.

I wanted to give a Special Thanks to @PineCoders for the Custom RoundToTick Function from The Backtesting/Trading Engine --> (https://www.tradingview.com/script/dYqL9...)

As a note, there are times where price will break out very strongly from the Limit Price, sometimes crossing the Stop and Limit Price on the same bar. When this happens, it is difficult for Pine to determine which occurred first intra-bar, and as a result, it does not record a new position. In these instances, I'd recommend adjusting the Default Stop Multiple so it is below the bar.

If you like Trade Manager, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
סקריפט קוד פתוח

ברוח TradingView אמיתית, מחבר סקריפט זה פרסם אותו עם קוד פתוח, כך שסוחרים יוכלו להבין ולאמת זאת. הידד למחבר! אתה יכול להשתמש בו בחינם, אך שימוש חוזר בקוד זה בפרסום הנו בכפוף ל כללי הבית . אתה יכול להגדירו כמועדף ולהשתמש בו בגרף.

רוצה להשתמש בסקריפ זה בגרף?

תגובות

Thanks,if you can add yesterday high/low also please
+1 השב
Hi Sir, is it possible to have targets enabled only when the trade start? can we hide them rest of the time?
השב
@ssvsraja, it’s definitely possible, and would be fairly simple to do as I have already included variables which track trade-status! I’d recommend researching “conditional plots pinescript” on Google. Thanks for the feedback
-@DayTradingOil
השב
Hi,

I like this indicator, can you give me the formula used to calculate open, entry levels, I would like to create a excel where i can wuickly see which stock is at buy level or sell level.
השב
@ssvsraja, Hello, it is open-source, any formulas used are already given/shown.
השב
ssvsraja DayTradingOil
@DayTradingOil, opps I did not see that. Thx.
השב
Hello there, is it possible to have current day lines only? I mean do not show the calculation result from previous day
השב
בית סורק מניות סורק מט"ח סורק מטבעות-קריפטו יומן כלכלי אודות תכונות גרף מחירון הפנה חבר כללי הבית מרכז תמיכה כלים לאתרים וברוקרים יישומונים פתרונות גרפיים ספריית גרפים קלי משקל בלוג וחדשות טוויטר‏