This script is intended to help understanding better and practice how to exit DCA deals that are in negative.
Multiple factors factors are relevant when trying to exit a bad deal:
How much funds are invested
What's the current average position price
How far the price has already dropped from that average
Is the price bouncing significantly and frequently to the upside providing multiple opportunities to exit or is it still a free-falling knife dumping heavy?
What are your TP % expectations
This scripts allows you to enter all these parameters visualising them all together in a single chart.
The RSI exit strategy You can then make use of a simple exit strategy based on RSI. The strategy will trigger entries where you are planning to add funds. The chart will show you based on all this information how much funds you would have required to exit in profit and rescue the deal in green. It will also flag if the exit strategy would have failed by plotting a red label indicating all the times where the TP wouldn't have been reached.
Comments Adding funds to a red deal and making it worst is one of the worst nightmares of traders using dollar-cost-average strategies. I hope this script can help you visualise better and practice adding funds in a safe chart before ever jumping into real-money! If you guys like this script we can add more features in the future, just leave a comment if you have new ideas.
版本注释
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Fix for chart not displaying when timeframe was higher than 15 minutes.
Great work! I've been using it nonstop to figure out the best way to get rid of my stubborn red bags.
TheTradingParrot
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@taitungjohn, thanks! I'll be soon adding new features :)
mswjec
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Can the script be used for shorts in the red?
shahvez
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can any one use this?
kengrayfield
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Wonderful tool. It would be great to also have an option for short strategy.
derrey
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@TheTradingParrot , are you able to add the add funds amount to the current price when you open the chart? It would be nice to see how much would be needed to club the deal with. I have my program calculating the RSI in real time and alerts when the RSI is below the 15 as your indicator. But when I open the chart, the candle is not closed yet so your indicator does not show the add funds amount.
Ilya_Sim
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Thanks a lot for this, saved me a lot of money :)
Wish we could see the code tho, very curious how its calculated
derrey
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@TheTradingParrot - Do you know how I can call a tradingview chart with your great Add Funds simulator via a URL that can set all your settings? I have a Google Data Studio dashboard that has all open trades (over 3000 active at anytime).
I currently build a URL for each deal and present a URL (tradingview.com/chart/?symbol=BINANCE:ONGUSDT&interval=60) for each deal. If I could pass all the other info in the URL for each deal your indicator would work great for me. I have all the deal data in my own database from 3Commas API.
TheTradingParrot
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@derrey, sounds like a dream but I'm afraid I don't know if this is actually possible
derrey
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@TheTradingParrot, Thanks. I will experiment with Tampermonkey to see if I can pull the data from the URL and fill in your form with JS