Take Profit and Stop Loss
In order to create a take profit for your strategy on Trading View you will need to create the input value for your parameter in percentage. In the example code the take profit is at 10%. Such an approach will help you to easily fine tune your strategy parameters.
long_tp_inp = input(10, title='Long Take Profit %', step=0.1)/100
After that you will have to state the entry price of your position in order to start tracking the increase or decrease in the price from the entry point. If you would like to plot the "take profit" on the graph, use the plot command.
long_take_level = strategy.position_avg_price * (1 + long_tp_inp)plot(long_take_level, color=color.green)
Insert this condition into your strategy.exit function.
strategy.exit("Take Profit","Long", limit=long_take_level)
In order to create a stop loss you will have to do the same procedure as in the previous section with some small changes. First of all you will have to change the sign (from + to -).
long_sl_inp = input(5, title='Long Stop Loss %', step=0.1)/100long_stop_level = strategy.position_avg_price * (1 - long_sl_inp)plot(long_stop_level, color=color.red)
Secondly, in the strategy.exit function has to be changed as well.
strategy.exit("Take Profit/ Stop Loss","Long", stop=long_stop_level)
Overall your strategy script with both take profit and stop loss will look like this:
/// Long Take Profitlong_tp_inp = input(10, title='Long Take Profit %', step=0.1)/100long_take_level = strategy.position_avg_price * (1 + long_tp_inp)plot(long_take_level, color=color.green)/// Long Stop Losslong_sl_inp = input(5, title='Long Stop Loss %', step=0.1)/100long_stop_level = strategy.position_avg_price * (1 - long_sl_inp)plot(long_stop_level, color=color.red)/// Strategy Eecutionentry_long = *** INSERT YOUR LONG CONDITIONS ***exit_long = *** INSERT YOUR EXIT CONDITIONS ***strategy.entry(id="Long", long=true, when=entry_long)strategy.exit("Take Profit/ Stop Loss","Long", stop=long_stop_level, limit=long_take_level)strategy.close(id="Long", when=exit_long, comment = "Exit")
As you have tested your strategy using the strategy script you would now have to convert in into the study script in order to automate your trading in Wunderbit Trading. The problem with the PineScript language is that in the study script some of the functions are not allowed (such as strategy.entry, strategy.exit etc) Therefore, you will have to work around it.
First of all you need to replace the way how you store the entry price of your position. In the study script we you will have to use the 'valuewhen' function. It should be inserted after your entry condition for the position.
long_tp_inp = input(10, title='Long Take Profit %', step=0.1)/100long_sl_inp = input(5, title='Long Stop Loss %', step=0.1)/100entry_long = *** INSERT YOUR ENTRY CONDITIONS ***entry_price_long=valuewhen(entry_long,close,0)
After that you need to create the variables that would identify your Take Profit (TP_long / SL_long) and insert them in your exit_long conditions.
TP_long = entry_price_long * (1 + long_tp_inp)plot(TP_long, color=color.green)SL_long = entry_price_long * (1 - long_sl_inp)plot(SL_long, color=color.red)exit_long = *** INSERT YOUR ENTRY CONDITIONS ***, (high > TP_long or low < SL_long)
After that you can create the alertconditions and plot them on the graph. The full example code is represented below.
long_tp_inp = input(10, title='Long Take Profit %', step=0.1)/100long_sl_inp = input(5, title='Long Stop Loss %', step=0.1)/100entry_long = *** INSERT YOUR ENTRY CONDITIONS ***entry_price_long=valuewhen(entry_long,close,0)TP_long = entry_price_long * (1 + long_tp_inp)plot(TP_long, color=color.green)SL_long = entry_price_long * (1 - long_sl_inp)plot(SL_long, color=color.red)exit_long = *** INSERT YOUR ENTRY CONDITIONS ***, (high > TP_long or low < SL_long)/// Alert Conditionsalertcondition(entry_long, title="Enter Long")alertcondition(exit_long, title="Exit Long")// Plot Alerts onf the graphplotshape(series=entry_long, text="BUY", style=shape.triangleup, location=location.belowbar, color=color.green, size=size.small)plotshape(series=exit_long, text="EXIT BUY",style=shape.triangledown, location=location.abovebar, color=color.purple, size=size.small)
