TP/SL Points
The TP/SL feature displays 4 take profits/stop losses levels and aims to help the user set stop losses and take profits by estimating points of potential support/resistance from an initial user-selected condition.
Take-profits/stop-loss levels are based on the option selected in the “TP/SL Levels” dropdown menu. Options include the following:
| Option | Description |
|---|---|
Signals | Will calculate new take-profits/stop-losses when a new confirmation or contrarian signal is detected. If the signal is bullish, take profits will be located above the price and stop losses below; if bearish, the opposite applies. |
Smart Trail | Will calculate new take-profits/stop-losses when the Smart Trail turns bullish or bearish. If it turns bullish, take profits will be located above the price and stop losses below; if bearish, the opposite applies. |
Reversal Zones | Will calculate new take-profits/stop-losses when the price reach the outer bands of the reversal zones. If the price goes below the bottom zone, take profits will be located above the price and stop losses below; if the price goes above the top zone, the opposite applies. |
Trend Catcher | Will calculate new take-profits/stop-losses when the Trend Catcher turns bullish or bearish. If it turns bullish, take profits will be located above the price and stop losses below; if bearish, the opposite applies. |
Trend Tracer | Will calculate new take-profits/stop-losses when the Trend Tracer turns bullish or bearish. If it turns bullish, take profits will be located above the price and stop losses below; if bearish, the opposite applies. |
Neo Cloud | Will calculate new take-profits/stop-losses when the Neo Cloud turns bullish or bearish. If it turns bullish, take profits will be located above the price and stop losses below; if bearish, the opposite applies. |
Custom Alert Creator | Will calculate new take-profits/stop-losses when the user-set custom alert creator condition is true. |
When the price significantly deviates from the highest take profit or lowest stop loss, these will update, returning new relevant take profits and stop losses.
Users can notice when a tp/sl has updated based on where their levels start, if the levels start where the initial condition is located then it hasn’t updated.
Users can control the distance between the price and the take profits/stop losses using the “Distance” setting, with higher values returning take profits/stop losses farther away from the price.
Make sure to adjust this setting according to the price variations you are trading. If you are trading large price variations, use a higher setting value.
Alerts
Users can be alerted when the price reaches a take profit or stop loss level using the “Take Profit” and/or “Stop Loss” “any alert() function call” conditions. This alert triggers once per bar.
TP/SL Placeholders
Plots for accessing take profits and stop losses levels are available in order for users to set alerts based on them.
Use the placeholder {{plot("Take Profit")}} for accessing the nearest take profit value and {{plot("Stop Loss")}} for accessing the nearest stop loss value.
CFTC Rule 4.41 - Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.
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