OPEN-SOURCE SCRIPT
Average SL% Calculator with TP Levels by Gorki
Updated
Average Stop Loss And Take Profit Calculator For Futures Trading by Gorki
Description
The "Average SL% Calculator with TP Levels" script, is a simple tool for traders to plan the trades and check how much loss they are going to receive if they run this strategy. This script calculates the average price of up to four entry points, determines the percentage distance to the stop-loss level, and provides potential loss information based on margin and leverage. Additionally, it includes multiple take-profit levels to help traders systematically capture profits. Visual elements such as horizontal lines and labels make it easy to monitor key levels directly on the chart.
Why To Use This Indicator?
How to Use the Script
Calculation Details
This comprehensive indicator is a must-have for any trader looking to manage risks effectively while maximizing potential profits. Happy trading!
Description
The "Average SL% Calculator with TP Levels" script, is a simple tool for traders to plan the trades and check how much loss they are going to receive if they run this strategy. This script calculates the average price of up to four entry points, determines the percentage distance to the stop-loss level, and provides potential loss information based on margin and leverage. Additionally, it includes multiple take-profit levels to help traders systematically capture profits. Visual elements such as horizontal lines and labels make it easy to monitor key levels directly on the chart.
Why To Use This Indicator?
- Risk Management: Automatically calculates the percentage distance to the stop-loss level, helping you to understand potential losses.
- Profit Optimization: Supports up to four take-profit levels, enabling a structured approach to capturing gains.
- Visual Clarity: Displays key levels and important information directly on the chart for easy monitoring.
- Alerts: Generates alerts when the price crosses specified levels, ensuring you never miss critical trading signals.
How to Use the Script
- Add the Script to Your Chart: Apply the script to your TradingView chart.
- Set Input Values: Entry Points: Define up to four limit prices (LIMIT 1, LIMIT 2, LIMIT 3, LIMIT 4).
- Stop-Loss: Set your stop-loss price (STOP LOSS).
- Take Profits: Specify up to four take-profit levels (Take Profit 1, Take Profit 2, Take Profit 3, Take Profit 4).
- Leverage: Input your leverage factor.
- Margin: Enter the total margin amount for the trade.
- View Calculations: The script will calculate the average entry price, the percentage distance to the stop-loss, and the potential loss based on margin and leverage.
- Monitor Levels: Horizontal lines and labels will appear on the chart, showing entry points, stop-loss, and take-profit levels.
- Set Alerts: Alerts will trigger when the price crosses your defined levels, helping you to take timely action.
Calculation Details
- Average Price: Calculated as the mean of the specified limit prices.
- Distance to Stop-Loss: Determined as the percentage difference between the average price and the stop-loss level.
- Leveraged Distance: The stop-loss distance percentage multiplied by the leverage factor.
- Potential Loss: Calculated by applying the leveraged distance percentage to the margin amount.
- Take Profit Percentages: The percentage difference between the average price and each take-profit level.
This comprehensive indicator is a must-have for any trader looking to manage risks effectively while maximizing potential profits. Happy trading!
Release Notes
Visual Updates DoneRelease Notes
Fixed Some Bugs Where Lines Are Not Displaying On Some ChartsOpen-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
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.