Two Take Profit Strategy

This script is for research purposes only. I am not a financial advisor.

Entry Condition
This strategy is based on two take profit targets and scaling out strategy. The entry rule is very simple. Whenever the EMA crossover WMA , the long trade is taken and vice versa.

Take Profit and Stop Loss
The first take profit is set at 20 pips above the long entry and the second take profit is set at 40 pips above the long entry. Meanwhile, the stop loss is set at 20 pips below the long entry.

Money Management
When the first take profit is achieved, half of the position is closed. The rest of the position is open to achieve either second take profit or stop loss.

There are three outcomes when using this strategy. Let's say you enter the trade with 200 lot size and you are risking 2% of your equity.
1. The first outcome is when the price hits stop loss, you lose the entire 2%.
2. The second outcome is when the price hits the first take profit and you close half of your position. Meaning that you have gained 1%. Then you let the trade running and eventually it hits stop loss. The total loss is 0% because the remaining lot size which is 200/2=100 times by 20pips is 1%. You have gained the earlier 1% and then loss 1%. At this point, you are at break even.
3. The third outcome is similar to the second out but instead of hiring stop loss, the trade is running to your favor and hits the second take profit.
Therefore, you gained 1% from the first take profit and you gained another 2% for the second take profit. Your total gained is 3%

The reason behind this strategy is to minimize risk. with normal strategy, you only have two outcomes which are either win or loss. With this strategy, you have three outcomes which are win, loss or break even.
סקריפט קוד פתוח

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רוצה להשתמש בסקריפ זה בגרף?


HOW DO IT WORK IN GOLD, i'm grateful for your script.
+1 השב
judsbailon judsbailon
anyways, i see it. it should reduce less in time frame coz of market volatility.
it is great to use of it.
+1 השב
ahmad_naquib judsbailon
@judsbailon, thank you.
+1 השב
Hi... very good script.. liked it... waiting more such amazing work from you..
+1 השב
ahmad_naquib satdiveganesh
@satdiveganesh, thank you for your kind words. I'm glad u like it =D
+1 השב
nice, i believe u must be thinking more to improve on this
+1 השב
ahmad_naquib daytraderph
@daytraderph, thank you. yes actually i want to move the SL to BE once the TP1 is reached without using trailing stop but still can’t figure it out yet
+1 השב
I really like this script. You make the idea simple. Thanks for publishing =)
+1 השב
ahmad_naquib kurtsmock
@kurtsmock, thank you for your kind words. really appreciate it. I'm glad you find it useful :D
+1 השב
Hi, EXCELLENT WORK!!! I like it
but I don't understand why you set the size like this instead of using the original initial capital
it makes the net profit not accurate