(PDF-Book, English) https://bigpicture.typepad.com/comments/...
2 price channels are being created. Fast and slow. The number of candles for the channels is selected by the user. By default, 20 bars for fast and 50 bars for slow. Blue lines show a slow . And used to enter positions. Using market stop orders. A fast is needed to find out the price for stop-loss. This is the center line of the fast channel. Shown by a red line. The background shows when the positions were opened. Lime background for long positions, and red background for short positions. There is no background if there are no positions.
The Turtles placed their stops based on position risk. No trade could incur more than 2% risk.
Since 1N of price movement represented 1% of Account Equity, the maximum stop
that would allow 2% risk would be 2N of price movement. Turtle stops were set at 2N
below the entry for long positions, and 2N above the entry for short positions.
- XBT/USD, BTC /USD, BTC /USDT, ETH/USD, ETH/USDT, etc - need ***/(T)USD(T)
- Timeframes 1h, 2h, 3h, 4h
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.