OPEN-SOURCE SCRIPT
TA Monks - Entries
Entry tool for users who depend on setting entry, stop and profit target based on a candle from the M1, M5 or M15 chart. Created following the Photon FX entry models, this tool allows for automatic lot size calculation and it's easy to set up per forex pair/gold.
All the user must do is set their account balance, risk percentage, target reward, asset pair and the rest is automatically set on the charts with the tool.
Tips:
- Activate a level that once hit, set stop loss at a particular level, default is at the break even
- Set entry type as either STOP or LIMIT
a) On Stop, the tool will activate the trade once price goes above the entry line (formed by the candle size + entry buffer set per pair)
b) On Limit, the same activation level as in STOP is required for the tool to activate the trade but it allows the user to enter Limit at a lower level based on the percentage of the entry candle (default is 0.5, which means 50%). In this mode, The user waits for the liquidity candle to be gained and the enter at a lower price of the range within such candle, increasing the R with the risk of missing the trade.
- On the right bottom corner, you will have certain key informations about the trade, such as time opened, time closed, MFE (maximum forward excursion - how many pips price went in favor of the trade), MAE (maximum adversary excursion - how many pips price went past the selected candle's size without buffer), LC (Liquidity candle size), XBf (extra Buffer - only appears when activated in the menu)
- Extra Buffer setting allow user to add extra buffer for the entry and extra buffer for the Stop Loss that has been set per asset pair. Note that the entry buffer only works with the STOP entry mode and if you want to change the entry level on LIMIT, you must use the limit entry percentage setting.
- If you trade an asset pair that is not supported by the tool, simply copy the code and ask an LLM to update it with the necessary pair. You dont need to know how to code, just let the AI do the hard work for you (preferably, you know the basics and you can ask the AI to read the script and update just the right snippets).
Feel free to adjust and adapt the code to your needs. Let me know if you made any cool changes that I might benefit from as well.
All the user must do is set their account balance, risk percentage, target reward, asset pair and the rest is automatically set on the charts with the tool.
Tips:
- Activate a level that once hit, set stop loss at a particular level, default is at the break even
- Set entry type as either STOP or LIMIT
a) On Stop, the tool will activate the trade once price goes above the entry line (formed by the candle size + entry buffer set per pair)
b) On Limit, the same activation level as in STOP is required for the tool to activate the trade but it allows the user to enter Limit at a lower level based on the percentage of the entry candle (default is 0.5, which means 50%). In this mode, The user waits for the liquidity candle to be gained and the enter at a lower price of the range within such candle, increasing the R with the risk of missing the trade.
- On the right bottom corner, you will have certain key informations about the trade, such as time opened, time closed, MFE (maximum forward excursion - how many pips price went in favor of the trade), MAE (maximum adversary excursion - how many pips price went past the selected candle's size without buffer), LC (Liquidity candle size), XBf (extra Buffer - only appears when activated in the menu)
- Extra Buffer setting allow user to add extra buffer for the entry and extra buffer for the Stop Loss that has been set per asset pair. Note that the entry buffer only works with the STOP entry mode and if you want to change the entry level on LIMIT, you must use the limit entry percentage setting.
- If you trade an asset pair that is not supported by the tool, simply copy the code and ask an LLM to update it with the necessary pair. You dont need to know how to code, just let the AI do the hard work for you (preferably, you know the basics and you can ask the AI to read the script and update just the right snippets).
Feel free to adjust and adapt the code to your needs. Let me know if you made any cool changes that I might benefit from as well.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.