Progressive Profit Taking with Trailing Stop — Indicator by Gesundheit

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This is version 2 of

Customizable trailing Stop For Manual Entries

Special features:

Added partial profit taking as price rises. Profit taking is triggered by price crossing an EMA.
After profit taking, price has to rise by a user-specified percent before taking profits again.
Also includes condition for fully closing position after meeting specified profit target.

To incorporate into your algo, turn the plotshape functions into alertcondition.

Release Notes:

Fixed line 39

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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