Here we go again.... with the second strategy snippet.
Reminder: the first snipper was a Trailing Profit strategy script
What's on the menu?
A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the investor's favor.
The order closes the trade if the price changes direction by a specified percentage or dollar amount.
Trigger me I'm famous
I developed many trading strategies in my career and often I've been asked to trigger a trailing-stop once a certain % move has been made.
On the screenshot below, the SL trigger is plotted in maroon.
Once the price goes past that level for the first time, I'll start trailing the trailing stop level.
In other words, when we see a price makes an interesting move in percentage value - we decide to trail the stop for at least not losing any more
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Manual reference doesn't make money, unfortunately :( (I wish it could)
They're plenty of third-party software out there to capture the TradingView events and forwarding them to crypto/MT4/MT5 brokers
You can DM me for more info if you want
Totally normal. Because it captures the TP trigger breakout based on high/low (lines 81 and 86)
To avoid repainting, those 'high/low' need to be changed by 'close'
Hope it clarifies boss