This is an algorithic stop loss for the Jackrabbit suite and modulus framework.
This module is not a standalone and relies on previous modules to send a signal data in order to function properly. This module acts on buy and sell data from within the indicator on indicator framework that TradingView supports.
This module is NOT a substitute for a flat percentage based stop loss provided by trading platforms and many exchanges. This is an algorithic approach that is designed to follow the market. Such a methodology has been proven by many traders to help mitigate risk.
This module sets a risk/reward ratio to which a modified ATR is used to determine the stop loss and take profit. Note that the take profit can also be on the basis of the strategy sell markers. A multiplier and a look back are user configurable to help tune the module for more favorable results.
It is important to remember that this module does NOT allow accumulation, so your buying strategy will need to be surigical in nature to maximize your profits.
The Jackrabbit modulus framework is a plug in play paradigm built to operate through TradingView's indicator on indicatior (IoI) functionality. As such, this script receives a signal line from the previous script in the IoI chain, and evaluates the buy/sell signals appropriate to the current analysis.
This script is by invitation only. To learn more about accessing this script, please see my signature or send me a PM. Thank you.
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BUG fix: Reward ration not as high as it should have been.
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Added "Ghosting" or ghost sell signals to address incomplete chart information that may lead to gaps in time data. This is purely diagnostic and should be used with extreme care.
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Simplified chart.
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Added selection for historic or live data.
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Added Support/Resistance (S/R) as a method to determine the stop loss exit point. ATR is used as a fuzzy factor to help block stoploss harvesting. S/R is now the DEFAULT method.
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Bug fixes and algorithmic tuning.
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Full overhaul of the S/R algorithm and removed ATR completely.
Fixed issues with incomplete chart data. Incomplete charts will block all buying/selling until the required data is present.
Overhauled profit methodology. This module now has a Take Profit/Strategy approach identical to the DCA module.
Added statistics to the stop loss line that shows the percent in price value that a stop loss will represent.
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Visual artifacts and glitches in shorting have been fixed.
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Fixed a few typos.
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Added trade cycles and average p[rofit. Both can be used in message alerts.
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Fixed visual error in average profit when shorting.
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Diagnostic text colors can now be changed.
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Method fpr pulling realtime/historic data has been rewritten. The algorithm is more effective and streamlined. Diagnostics text improved.
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Updated profit to use percentages below 1%.
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Fixed bug with take profit not allowing percentages below 1%.
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This is a complete and total rebuild from scratch.
This module now supports the following methods for take profit/Stoploss. The Reward/Risk ratio is the value approriate to the method. For example, Percentage would be 2%, while support/resistance would be candles, ie 200.
Strategy - close position on strategy signal
Pips - close position X pips away from entry
Percentage - close position X percent from entry
Support/Resistance - This is the calculated resistance, expressed in candles, ie, 200 candles as a lookback
Average True Range - the ATR of the asset as a specified multiplier, ie 7 would be 7 ATR's
The stoploss setting are identical to the above, except that there is no strategy exit for a stoploss.
This module works with all stocks, forex, and cryptocurrencies. Please be aware that each method must be applied to its proper market. Each market and asset must be analyzed according to its own charactistics and unqiue sturcture.