Available translations
loading results
TPSL Bands
Summary: This indicator is not a signal generating indicator but rather one of many methods of generating Take Profit and Stop Loss levels.
Info:
The primary usage of this indicator is to use the calculated data (shown in the panel) for take profit and stop loss signal when a trase has already been entered.
There is a plotter shown on the chart in case you'd like to view the levels on your chart.
The default values (below) are arbitrary and based on
relativeMovingAverage(trueRange
Parameters for Indicator Bot Instance:
Periods = 15; (for calculation of the ATR)
Take profit multiplier (of ATR) = 1; (i.e.- 100% of ATR.)
Stop Loss Multiplier (of ATR) = 1.5; (i.e.- 150% of ATR.)
*Note* TP1 = 100% ; TP2 = 200% ; TP3 = 300%
The length of the TPSL bands calculation can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Initialization under ’TPSL’ Product Definition.
Products & Properties
The following properties are available to access:
| Product Name | Product Variable | Properties |
|---|---|---|
| TPSL Bands | TPSL | tp1Up...tp3Up, |
| tp1Down...tp3Down, | ||
| slUp, | ||
| slDown |
Examples:
The following examples would normally be used in the Manage Stage node of the Trading System for Managed Take Profit and Managed Stop Loss, but can be used anywhere you see fit:
\\take profit
chart.at01hs.candle.close > chart.at01hs.TPSL.tp2Up \\stop loss
chart.at01hs.candle.close < chart.at01hs.TPSL.sl3Down Maintainer:
Pluvtech Data Mine — TOC
You just read page 12 in the topic.
3. Waddah Attar
10. Volume Weighted Moving Average
12. TPSL Bands
13. MESA Adaptive Moving Average
14. Donchian-Tenkan
15. Percentages
16. DCA Levels Long