OPEN-SOURCE SCRIPT
Risk Assist
Updated
As the profit level increases, the amount of profit taking required to avoid risk asymptotically reaches zero.
This indicator displays the % of the established position required to exit in order to ensure the trade is not a loss if the stop is hit.
Values in green (at or below 100%) indicate a winning position.
Values in red (above 100%) indicate a losing position.
Alert Examples:
If you are intent on "selling half" to avoid risk, you can set an alert on the value of this indicator for 50.
If you are intent on "selling a 3rd" to avoid risk, you can set an alert on the value of this indicator for 33.3.
This indicator displays the % of the established position required to exit in order to ensure the trade is not a loss if the stop is hit.
Values in green (at or below 100%) indicate a winning position.
Values in red (above 100%) indicate a losing position.
Alert Examples:
If you are intent on "selling half" to avoid risk, you can set an alert on the value of this indicator for 50.
If you are intent on "selling a 3rd" to avoid risk, you can set an alert on the value of this indicator for 33.3.
Release Notes
Updated thumbnail.Release Notes
Updated version is an overlay that is more user friendly and allows for reliable price target alerts.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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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