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
Pardon my ignorance, I'm new to TradingView (and loving it) but Trailing Stop is something I usually see as a standard menu item in the order box on other platforms. I see that Trading View only offers that with OANDA, and I'm with TradeStation (who offers it on their platform).
Am I understanding correctly that on TS you must use a script to be able to have a Trailing Stop? If so, how do you apply it to your order? Does the script appear as a menu item in the order box, or is it another protocol altogether?
Though, it's not possible to display that trailing stop level natively. In Pinescript, we can create our own trailing stop/profit and showing it on our chaarts
pharaoh145th
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@Daveatt, Thanks for the quick reply.
I was able to add a trailing stop and a few other scripts/studies to the charts, just for me to see them and get familiar, but I still don't understand how to associate them with an order.
Does it mean that one will be placing trades from of the PineScript tab instead of the Order Box?
Trendbeat
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Interesting.
Do people somehow connect these stoploss scripts to their MT4 or crypto bots or just use as manual reference?
Daveatt
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@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
@Trendbeat, Yes they can be connected to some bots with the "webhook" in the alerts.
KG1732
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Can i have the alert version please ?
sam3218
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Great strategy. How can you resolve the problem with trailing stop loss that tradingview assumes price moves in your favor first before going down?
Daveatt
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@sam3218, this depends on the entries
Here I coded a system for an exit strategy compatible with any entry strategy.
You'd need to find a system to enter where most of the times that price goes in your favor with a solid move
Am I understanding correctly that on TS you must use a script to be able to have a Trailing Stop? If so, how do you apply it to your order? Does the script appear as a menu item in the order box, or is it another protocol altogether?
Thanks in advance!