OPEN-SOURCE SCRIPT
Varprice4 - Price is the real King
When you use any indicators you suffer of lagging and possibile mistakes.
In this case, higher movements of the (daily) prices (long green candle) are a signal that market is appreciating your stock. The variation of a single candle is compared to standard deviation of the stock.
Besides normal money management (on fixed percentages), we have kept the possibily of exiting the position before stop loss adding a multiplier considering that red (or black) candles are normally wider than green (white) ones.
In this case, higher movements of the (daily) prices (long green candle) are a signal that market is appreciating your stock. The variation of a single candle is compared to standard deviation of the stock.
Besides normal money management (on fixed percentages), we have kept the possibily of exiting the position before stop loss adding a multiplier considering that red (or black) candles are normally wider than green (white) ones.
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.