Library "biased_price_target" Collection of functions that can be used for the calculation of biased price targets like stop loss and take profit from a reference price using several methods that are already provided by the "distance_ratio" library plus the 'HHLL'. Methods supported are percentagewise (PERC), atr-based (ATR), fixed profit (PROF), tick-based (TICKS), risk reward ratio (RR), and highest high/lowest low (HHLL)
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v2
Add use case examples
Pump distance_ratio library version
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v3 Fix highest high and lowest low use for margin that might result in na value when HHLL was not been used
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v4 Added a more generic 'CUST' method that can embed the HHLL and even more user-defined price targets.
Impressive... What would you recommend one do if the objective is to identify moments when price exceeds a distance ordinarily observed between two indicators? And to know this before the candle closes on one's chosen trading time-frame? Could this library be adapted to function based upon a user-defined distance (e.g., between a slow ema and a fast one)? Also, why does this example not have "both" as option for the direction (instead of only above or below)?
budzap
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@budzap, ...or, more simply, instead of looking at a separate metric (such as distance between two indicators--which would be great), just looking at distance of price from a single price indicator?
jason5480
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Hello @budzap, thank you for the feedback. While the 'CUST' distance method might look very similar to your needs, I think that if you want exactly that (get an alert when the distance between two prices change above/below a threshold) it is an overkill to use that library. The main reason is that this was designed to calculate the target price given a distance from a reference price using many different methods (check a real use case on m "Template Trailing Strategy (Backtester)" script.