Setting stops and targets

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sbank
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Joined: Tue Jul 21, 2015 9:35 pm
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Setting stops and targets

Post by sbank » Sat Jan 19, 2019 9:55 pm

Hi All,

I thought I would share my first QScript with the community! Okay, okay it is not anything special. But I tend to use it every day.

This is a simple tool to place visual reference lines on a chart. The lines are placed based on the entry point and the stop point which the user decides on their own.

Once these two points are placed on the chart, the target is calculated and displayed on the chart.

The entry point and stop point are do not "snap" to any point on purpose. This is to allow people that trade visually bsed on the bar/candles or other indicators (like ATR lines).

The target is calculated by taking the entry price minus the stop price and multiplying it by the ratio that you choose (for example 2). It then adds the tick size to "allow for costs.

Here is a link to the script: http://www.wave59.com/library/scriptdetail.asp?id=190

I also have some screenshots with some quick videos below. Let me know if there are any questions.

First, create a nice shortcut to the tool after you have it installed:
2019-01-19_16-25-57.png
2019-01-19_16-25-57.png (11.15 KiB) Viewed 174 times
2019-01-19_16-27-43.png
2019-01-19_16-27-43.png (103.81 KiB) Viewed 174 times
Then to use the tool, The order for the hotspots is entry price first, stop second. If the stop is below entry, I assume long. And then vice-versa.

I created two quick videos here. (I wasn't able to imbed them on the forum.)

https://imgur.com/a/EASFbBc

EDIT: Seems like my attempt of uploading the script to the QScript library failed. In the interim, I attached the file here.
Attachments
stop-target.zip
(3.61 KiB) Downloaded 11 times

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