OPEN-SOURCE SCRIPT
Updated Supertrend - Delayed Trail
I use supertrend for for trailing stops. One of the problem of trailing stops in long term trend trading is we get stopped too early and then trend continues. To avoid this problem, we can limit or delay our trailing.
In this modified version of supertrend, we can delay trailing by two methods:
ConsiderWicks option reverse direction upon high reaching trailing Sell stop or low reaching trailing buy stop (instead of close)
ConsiderWicksForDelayByStep does the same thing for calculating if the steps have reached.
In this modified version of supertrend, we can delay trailing by two methods:
- Bars : Trail after certain bars. Input DelayBars says after how many bars it should trail.
- Steps : Trail after reaching equivalent stop on the other side.
ConsiderWicks option reverse direction upon high reaching trailing Sell stop or low reaching trailing buy stop (instead of close)
ConsiderWicksForDelayByStep does the same thing for calculating if the steps have reached.
Release Notes
Added separate multiplier for stop and target.Lesser value of target multiplier leads to more often trailing. Higher value of target multiplier lead to less often trailing.
Release Notes
Added alertcondition on demand :)Release Notes
Added new type of delay based on breakouts. Breakouts are based on breakout candles logic present here:
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.