OPEN-SOURCE SCRIPT
Updated Stop Loss
Added input to change bar number each side of swing
Release Notes
In this script I've removed the subjectivity involved when placing your trailing stop loss.In a uptrend stop losses are often placed just below the higher low. The problem is we don't know whether the current pullback has formed a higher low or whether the pullback will continue.
This script places a yellow dot below the current candle at the stop loss level only when the higher low has been confirmed, allowing you to place your new stop loss at the earliest possible time.
Works in the opposite way when shorting the pair.
My trend analysis is based on significant swings requiring two candles either side of the low/high that confirm the swing. You can change this if you like.
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.