OPEN-SOURCE SCRIPT
Percent Drop from Highest High
Mis à jour
Buy and hold investors may decide to use trailing stops to protect profits and capital from market crashes, especially during bull markets.
The purpose of this indicator is to hep investors to identify a location to place them. The indicator plots the highest high from 'x' bars ago. It then plots a trailing stop loss 'y' percent below that line.
The indicator enables its users to input different 'x' and 'y' values to observe what they think works best for them in different markets.
Users might choose to pair the indicator with trend confirming indicators, such as moving average cross overs, to determine that the market is trending and not ranging.
There is no magic in this indicator, only maths. Like every indicator, it has no ability to predict anything. Just because the market is doing one thing now, it might do something different later. The past does not equal the present nor the future. Make your own decisions and be responsible for them.
All the best to you and your family.
The purpose of this indicator is to hep investors to identify a location to place them. The indicator plots the highest high from 'x' bars ago. It then plots a trailing stop loss 'y' percent below that line.
The indicator enables its users to input different 'x' and 'y' values to observe what they think works best for them in different markets.
Users might choose to pair the indicator with trend confirming indicators, such as moving average cross overs, to determine that the market is trending and not ranging.
There is no magic in this indicator, only maths. Like every indicator, it has no ability to predict anything. Just because the market is doing one thing now, it might do something different later. The past does not equal the present nor the future. Make your own decisions and be responsible for them.
All the best to you and your family.
Notes de version
Updated to version 5 of pine script and added in option to select source without having to change the code yourself ;) (Better later than never)Notes de version
In addition to the highest high 'x' bars ago (orange line), I've added a lower low 'x' bars ago (now yellow line). The blue line which was intended to be used as a trailing stop loss, remains the same. The reason for the addition is to make the indicator also useful as a tool for breakout trading, both long and short. The concept is that if price closes above the prior highest high from 'x' bars ago then that is a bullish breakout and a long entry signal. So if the price pushes the orange line up, that is an entry long signal. Also if the price pushes the yellow line down, that is a bearish breakout and a short entry signal. You will need to test whether those signals make sense to you and the instrument you are trading before you use it. Anyway, enjoy and I wish you an amazing year of trading.
Notes de version
Just updating a minor typoNotes de version
Fixing a default setting error. Source for the yellow line was set to use the same source as the orange line. Now resolved. Enjoy.Script open-source
Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
Vous voulez utiliser ce script sur un graphique ?
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.