OPEN-SOURCE SCRIPT
AUTO STOP LEVEL
This is a simple yet highly efficient code that calculates stop levels, taking into account the market trend and its volatility.
This script calculates and displays (as a white point in the chart) a stop-loss by considering both volatility and the nearest support/resistance point.
The stop level is determined as the average of three specific values: firstly, two distinct volatility indicators - ATR and Bollinger Bands, and finally, the nearest support/resistance provided by the Supertrend indicator.
Moreover, it analyzes the trend to determine whether the stop should be set for long or short positions, providing insights into the most probable path of future prices. For instance, if the calculated stop level is below the current market prices, it suggests taking long positions, and vice versa.
Customization options include fine-tuning the standard parameters for the three indicators used in averaging and selecting multiple time frames.
This script calculates and displays (as a white point in the chart) a stop-loss by considering both volatility and the nearest support/resistance point.
The stop level is determined as the average of three specific values: firstly, two distinct volatility indicators - ATR and Bollinger Bands, and finally, the nearest support/resistance provided by the Supertrend indicator.
Moreover, it analyzes the trend to determine whether the stop should be set for long or short positions, providing insights into the most probable path of future prices. For instance, if the calculated stop level is below the current market prices, it suggests taking long positions, and vice versa.
Customization options include fine-tuning the standard parameters for the three indicators used in averaging and selecting multiple time frames.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
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