OPEN-SOURCE SCRIPT
Pip Crosshairs
Updated
This is a simple tool designed to help you visualize your stop loss and take profit levels before entering a trade. The tool plots two lines on the chart - a green dotted line for take profit and a red dotted line for stop loss (similar to the price line) - with a simulated default spread of one pip factored in. The indicator has the option to toggle between long and short positions.
Please note that the spread used in the tool is not based on your actual spread and should be adjusted accordingly. As, to the best of my knowledge Pine Script does not have the ability to automatically include spread in an indicator, so you will need to input your spread manually. (if you can please let me know cause that would be a game changer).
Overall, should help save you a bit of time by not having to manually measure stop loss and take profit levels for each trade.
Happy hunting :)
Please note that the spread used in the tool is not based on your actual spread and should be adjusted accordingly. As, to the best of my knowledge Pine Script does not have the ability to automatically include spread in an indicator, so you will need to input your spread manually. (if you can please let me know cause that would be a game changer).
Overall, should help save you a bit of time by not having to manually measure stop loss and take profit levels for each trade.
Happy hunting :)
Release Notes
corrected short position scripting to correctly include spread :) Release Notes
for some reason didnt update. short spread calculation fixed now :) 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.
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