Trailing Stop Loss

This script demonstrate how to make a Training Stop Loss to "ride the wave". In comparison to classic Stop Loss this strategy follows the price upwards (for long positions) and when price drops by a fixed percentage then you exit your position.

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Minor typos

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Add the ability to disable trailing for demonstration reasons
Close open orders on trend reversal
Add sell labels on cross-under

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Fix a bug that made Stop Loss to not trigger appropriately when it was reached at the very first candle end enable trailing was un-checked

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Refactor stopValue calculation to be more readable

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Fix longIsActive logic

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Check if time is within backtest period in order to set the price to prevent unnecessary calculations and drawing outside the area of interest
Replace deprecated trasp argument with color.new

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Set calc on every tick to false by default, as fgo943 suggested

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Minor Update the chart for a better overview and understanding of the trailing stop loss

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Fix a bug that were causing stop loss to be calculated wrong when there was new entry back to back with the end of the previous one
Use strategy.percent_of_equity

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Draw lines with width 1

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Update to pinescript V5
Stop Loss step is now 0.05

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Let's face it a Green-Red color model is more intuitive!

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Happy New Year!
Many code refactorings and optimizations to better use this script as a template and plug your own strategy at ease

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Bug fix: (rare/minor) Remove 'strategy.position_size == 0' condition in stop loss calculation that made the very first stop loss price target to be calculated based on previous 'strategy.position_avg_price' instead of 'close' if the previous position closed exactly one bar before!

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