Daveatt

BEST Trailing Stop Strategy

Hello traders

Here we go again.... with the second strategy snippet.
Reminder: the first snipper was a Trailing Profit strategy script

What's on the menu?

A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the investor's favor.
The order closes the trade if the price changes direction by a specified percentage or dollar amount.

Trigger me I'm famous

I developed many trading strategies in my career and often I've been asked to trigger a trailing-stop once a certain % move has been made.

On the screenshot below, the SL trigger is plotted in maroon.
Once the price goes past that level for the first time, I'll start trailing the trailing stop level.
In other words, when we see a price makes an interesting move in percentage value - we decide to trail the stop for at least not losing any more

All the BEST
Dave
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beautiful work sir :)
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Hi, very good script. I notice some repaint, maybe because of the barsince?
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Daveatt dpanday
@dpanday, Hi there
Totally normal. Because it captures the TP trigger breakout based on high/low (lines 81 and 86)
To avoid repainting, those 'high/low' need to be changed by 'close'
Hope it clarifies boss
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Interesting.
Do people somehow connect these stoploss scripts to their MT4 or crypto bots or just use as manual reference?
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Daveatt Trendbeat
@Trendbeat, it those scripts are made as study, it's totally possible to plug it to crypto bots/MT4/MT5, etc
Manual reference doesn't make money, unfortunately :( (I wish it could)
They're plenty of third-party software out there to capture the TradingView events and forwarding them to crypto/MT4/MT5 brokers
You can DM me for more info if you want
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@Daveatt,
Cool man
Thank you!
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glenwong Trendbeat
@Trendbeat, Yes they can be connected to some bots with the "webhook" in the alerts.
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