mcristianrios

VEST [mcristianrios] Study

VEST is the working part of two indicators to enter and exit Long or Short trades with ease.

If you came directly here go to see the Strategy first: VEST Strategy


So you now know that this indicator emit signals in order to automate our strategy.

Why is there an option to change SL and how it works?

Because it serves you to see how much you can reduce your SL while growing your income.

Normally if you're setting your TP at 2:1 and your SL is 100pips you expect your TP to be 100. While that is true, I do another thing instead. We first set the Profit Pips for 1:1 at 100, and if we want to override the SL we can do it. So, in reality if we have our SL in 50pips and our Profit Pips in 100, we end for 2:1 with a TP of 200 pips and a SL of 50 pips that's in reality a 4:1.

Automation cycle! Talk no more!

There are 2 Steps in a signal and those are Open and Close

So if you want to work with one TP you'll need to set these alerts:
  • Long 2
  • Short 2
  • Exit Long
  • Exit Short

While Long 2 and Short 2 refers to an entry point going for a TP of 2:1 note that Exit Long and Exit Short need only to be set once.

Out of curiosity

What changes from my statement in the Strategy part is what the signal looks like. Instead of setting the price in the signal we are only stating how many pips it should have the Take Profit and the Stop Loss. This is because you can have a slight difference between TradingView and you chosen broker. So you go for pips in order to replicate this as much as possible.

The alert message could look like:

long tradeid=longVEST{{ticker}}candleTimeFrame tradesymbol={{ticker}} sl={{plot("SL")}} tp={{plot("TP2")}} for our TP 2:1

And the final alert message will be something like:

long tradeid=longVESTEURUSDcandleTimeFrame tradesymbol=EURUSD sl=100 tp=200

What is candleTimeFrame?

Something you should replace in each strategy if you expect to use this Study in multiple timeframes of the same instrument to not close a signal when you shouldn't.

Background color like a ray

That's for backtesting and is the place where the Alert was trigger in the Study.


IMPORTANT!

Remember to set Alerts to 'Once Per Bar Close'

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This is not a free to use indicator. Get in touch with me if you would like access to both indicators for a free trial before deciding on a paid access for a period of your choice.

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