OPEN-SOURCE SCRIPT
8 Whittle Down
The system is designed to short on directionally negative instruments like VXX & SQQQ
RED LINE == STOP LOSS LINE
GREENLINE == PROFIT TARGET FOR THE 1ST TRADE
YELLOW LINE == ADD ON SHARES TO THE TRADE
WHITE LINE == PROFIT TARGET FOR THE 1st & 2nd TRADE COMBINED
Let me know if you have any questions and I'll try to clarify
- The system only shorts, no longs
- It enters a pilot position if the system has no trades open at the time is in the late afternoon
- It uses a 200-day moving average as a filter and will only short if the price is below the 200 day moving average
- The pilot position will only enter with 1/3 ( one third ) of the total expected position size
- StopLossPerc sets the stop loss, (1.15) means it is set to a 15% stop loss. -- The Red Line
- The system will buy additional shares for a full position if the pilot piston profit target was not reached
- The full shares position is set to purchase at a higher price. T2EntTrgPerc sets the buy percentage target for the additional shares. -- The Yellow Line
- Each entry has different settable profit targets. T1ProfTrgPerc sets the profit target for the first trade (0.95) is basically set to a 5% profit.
- T2ProfTrgPerc sets the profit target for the second trade (0.90) is basically set to a 10% profit. -- The White Line
RED LINE == STOP LOSS LINE
GREENLINE == PROFIT TARGET FOR THE 1ST TRADE
YELLOW LINE == ADD ON SHARES TO THE TRADE
WHITE LINE == PROFIT TARGET FOR THE 1st & 2nd TRADE COMBINED
Let me know if you have any questions and I'll try to clarify
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.
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.
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.