Setups & Trends: Dynamic Stop-Loss | Take-Profit Guardrails

Stop-Loss (SL) | Take-Profit (TP) Guardrails

• Toggle (SL | TP Guardrails) to view dynamic stop-loss | take-profit levels based on user-defined Length and Multiple settings.
  
• This feature helps traders time trade entries/exits and stay in trades while price action remains inside its calculated volatility range based on its own price history.
  
• Define the Length (default: 14) and Multiple (default: 1.5) to establish the desired dynamic stop-loss | take-profit parameters.
  
• The stop-loss | take-profit level changes dynamically with each candle based on continuous updates of the asset's normal volatility range.
  
• Due to its dynamic update capability and utility as both a stop-loss and take-profit level, this feature can be a powerful addition to both manual and algorithm (i.e., bot-based) trading systems.
  
• An example trading technique using this feature is to go LONG when the guardrail transitions from being above price action (i.e., resistance) to below price action (i.e., support).
  
• Vice versa for SHORT trades.
  
• Use the color selector boxes to change the Stop-Loss and Take-Profit guardrail colors.
  
• Always practice risk management: Use proper position sizing and a stop-loss on every trade.
  
  * This tutorial is intended for educational purposes only.