Those are recommendations for the wings. You can set them tighter, or further out if you wish. The more legs you have in a trade the harder they are to close as verses a simple Put or Call.
# --- Historical touch-rate tracker (based on chart's loaded intraday history) ---
input exitCheckHour = 15;
input exitCheckMinute = 55;
def isExitCheckBar = SecondsFromTime(exitCheckHour * 100 + exitCheckMinute) >= 0 and
SecondsFromTime(exitCheckHour * 100 + exitCheckMinute) < GetAggregationPeriod() / 1000;
# Track the day's high/low from the entry bar forward
def dayHighSinceEntry = if isEntryBar then high
else if newDay then Double.NaN
else if !IsNaN(dayHighSinceEntry[1]) then Max(dayHighSinceEntry[1], high)
else Double.NaN;
def dayLowSinceEntry = if isEntryBar then low
else if newDay then Double.NaN
else if !IsNaN(dayLowSinceEntry[1]) then Min(dayLowSinceEntry[1], low)
else Double.NaN;
# Did either wing get touched today, checked once per day at the exit-check bar
def touchedTodaySell = !IsNaN(dayHighSinceEntry) and
(dayHighSinceEntry >= sellWingUpperFinal or dayLowSinceEntry <= sellWingLowerFinal);
def touchedTodayBuy = !IsNaN(dayHighSinceEntry) and
(dayHighSinceEntry >= buyWingUpper or dayLowSinceEntry <= buyWingLower);
def recordBar = isExitCheckBar and !IsNaN(dayHighSinceEntry);
def totalDaysCount = if IsNaN(totalDaysCount[1]) then (if recordBar then 1 else 0)
else totalDaysCount[1] + (if recordBar then 1 else 0);
def touchedDaysCountSell = if IsNaN(touchedDaysCountSell[1]) then (if recordBar and touchedTodaySell then 1 else 0)
else touchedDaysCountSell[1] + (if recordBar and touchedTodaySell then 1 else 0);
def touchedDaysCountBuy = if IsNaN(touchedDaysCountBuy[1]) then (if recordBar and touchedTodayBuy then 1 else 0)
else touchedDaysCountBuy[1] + (if recordBar and touchedTodayBuy then 1 else 0);
def sellTouchRatePct = if totalDaysCount > 0 then touchedDaysCountSell / totalDaysCount * 100 else Double.NaN;
def buyTouchRatePct = if totalDaysCount > 0 then touchedDaysCountBuy / totalDaysCount * 100 else Double.NaN;
AddLabel(isExitCheckBar, "3:55 CHECK: If GTC not filled, consider closing at market (0DTE only)", Color.ORANGE);
AddLabel(totalDaysCount > 0,
"Historical SELL wing touch rate: " + Round(sellTouchRatePct, 1) + "% over " + totalDaysCount + " days (target " + AsPercent(sellTargetPOT) + ")",
Color.MAGENTA);
AddLabel(totalDaysCount > 0,
"Historical BUY wing touch rate: " + Round(buyTouchRatePct, 1) + "% over " + totalDaysCount + " days (target " + AsPercent(buyTargetPOT) + ")",
Color.MAGENTA);
Alert(isExitCheckBar, "0DTE 3:55 exit check - close if GTC not hit", Alert.BAR, Sound.Bell);Your sage advice and guidance are always appreciated, as are your easy to use (and visually appealing) charts! One thing I have realized about trading: it's inherently hard and difficult. Anyone who makes it seem easy is being dis-honest. In various forums, I see people posting profits and numbers without ever showing how they achieved the results. Sort of like the math teacher showing the answer to the problem without showing the calculations to get the answer. An exercise in ego-boosting and not very helpful to others. You, sir, on the other hand are to be commended for your willingness to help others profit and for your generosity with your time and efforts. Well done.
Kind words…thanks!Your sage advice and guidance are always appreciated, as are your easy to use (and visually appealing) charts! One thing I have realized about trading: it's inherently hard and difficult. Anyone who makes it seem easy is being dis-honest. In various forums, I see people posting profits and numbers without ever showing how they achieved the results. Sort of like the math teacher showing the answer to the problem without showing the calculations to get the answer. An exercise in ego-boosting and not very helpful to others. You, sir, on the other hand are to be commended for your willingness to help others profit and for your generosity with your time and efforts. Well done.
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