Dynamic Stop Loss Demo

22 Nis 2023

What does this script do ?
This script is for pine script programmers and explains how to implement a dynamic stop-loss strategy. It is different from trailing stop-loss. Trailing stop-loss can only set the retracement value, but this script can take profit on part of the position at a fixed price and allows users to decide whether to take profit on all positions based on whether a certain track is breached or other conditions author want. In this demo, it use rsi crossover and crossunder to decide the strategy condition, and use close price as open price, and use lowest low / highest high as stop price, and use 1.5 risk ratio to calculate the fixed first profit price. It will take 50% position size when the first profit price was reached. Then it will close all rest positions when the inverse condition come out or the dynamic stop(calculated by ATR) breached or when the price back to the open price or the stop price.
How is this script implemented
When start strategy by strategy.entry, it gives a custom id which contains direction, openPrice, stopPrice, profitPrice, qty, etc. It can be get from the global variable strategy.posiition_entry_name.

22 Nis 2023

Sürüm Notları

• Compact code
  
• Fix qty bug
  

22 Nis 2023

Sürüm Notları

fix close condition bug

22 Nis 2023

Sürüm Notları

update comment

25 Nis 2023

Sürüm Notları

Optimization of dynamic-stop calculation method;
Simplify the getQty calculation method;
Add qty_precision settings;