OPEN-SOURCE SCRIPT
Soren test 222
Say we use strategy.risk.allow_entry_in() to only trade longs. When our script uses the strategy.entry() function to open a short trade, TradingView of course won’t allow our strategy to go short. But that doesn’t mean the trade is ignored. Instead the ‘enter short’ trade – which is actually a sell command – becomes an ‘exit long’ order.
Another way to think about this is the following. The strategy.entry() function can reverse positions: longs into shorts, and shorts into longs. That reverse behaviour gets stopped by strategy.risk.allow_entry_in(). What strategy.entry() instead ends doing is close positions: from long to flat, or from short to flat.
(The example strategies that we discuss later in this article show how strategy.risk.allow_entry_in() makes strategy.entry() close instead of open trades.)
# Can still trade both long or short
strategy.risk.allow_entry_in() can also allow our strategy to trade both long or short. That’s a bit silly, since this is already the default behaviour. But to cod
Another way to think about this is the following. The strategy.entry() function can reverse positions: longs into shorts, and shorts into longs. That reverse behaviour gets stopped by strategy.risk.allow_entry_in(). What strategy.entry() instead ends doing is close positions: from long to flat, or from short to flat.
(The example strategies that we discuss later in this article show how strategy.risk.allow_entry_in() makes strategy.entry() close instead of open trades.)
# Can still trade both long or short
strategy.risk.allow_entry_in() can also allow our strategy to trade both long or short. That’s a bit silly, since this is already the default behaviour. But to cod
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.