OPEN-SOURCE SCRIPT

Dynamic Stop Loss Demo

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What does this script do ?
This script is for pine script programmers and explains how to implement a dynamic stop-loss strategy. It is different from trailing stop-loss. Trailing stop-loss can only set the retracement value, but this script can take profit on part of the position at a fixed price and allows users to decide whether to take profit on all positions based on whether a certain track is breached or other conditions author want. In this demo, it use rsi crossover and crossunder to decide the strategy condition, and use close price as open price, and use lowest low / highest high as stop price, and use 1.5 risk ratio to calculate the fixed first profit price. It will take 50% position size when the first profit price was reached. Then it will close all rest positions when the inverse condition come out or the dynamic stop(calculated by ATR) breached or when the price back to the open price or the stop price.
How is this script implemented
When start strategy by strategy.entry, it gives a custom id which contains direction, openPrice, stopPrice, profitPrice, qty, etc. It can be get from the global variable strategy.posiition_entry_name.

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