Trailing Stoploss Bottom Activation

16 בדצמ׳ 2021

The Basics
The indicator is visible on the chart as circles above and below the bar.
 It will trigger an alert when the current price goes below, the low of the previous candle.
 Or an alert when current price goes above, the high of the previous candle.

The indicator can be used as a trailing stoploss for (DCA/ TV) bots.
The distance between the circles and candlesticks can be adjusted. If the user prefers to set an alert e.g. a few ticks lower than the candle bottom.

What Makes It Different
The user can preset the price (of the asset e.g. BTC), where it will start looking for the condition: current price is below previous candle low (when in long position). Current price is above previous candle high (when short).

Example
In the chart above MATIC/BUSD the user has drawn a blue line at 1.70. Since there is where he expects resistance.

The user has a long position (bought at the green arrow.) The user wants to start trailing at price 1.70.

The alert will only trigger when the following conditions are met:
Condition 1 - Crossed 1.70
Condition 2 - Current candle price is below previous candle low.
In the chart above price crossed above 1.70 on 26th Oct. Current candle price (at that moment) went below previous candle low on 27th Oct, indicated with a red arrow. Here the alert will go off at 1.659 BUSD (indicated in pink).

It ignores the other two lows, indicated with orange arrows. Because condition 1 is not met.
It is possible to use multiple time frames at the same time. Some time frames might not be available depending on your Tradingview subscription.

Final Words
Disclaimer: Please use it with care and at own risk. The owner of this indicator is not liable for any financial losses.
Past performance is no guarantee of future returns.