An Indicator that lets you set a budget & the amount of profit that you want to take. It draws a horizontal line at where you want to get out.

Mr_Wheeler

Active member
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I created this study to set down to earth price targets.
  • Study A - https://tos.mx/R3kdeTW
  • Study B - https://tos.mx/lG0LJfF Another study, the light blue lines which currently represent a half of a percent price move, and the current price. Since many of you are likely to ask for It I've included it, not that I mind.

I'm in the process of adding other features, I'll update this post with an updated study/indicator as I add them. I'm looking for a way to auto set Study A to enable the left Axis as that's the only way it display's correctly. One of the features I plan to add is multiple price target lines.
 
I'm seem to be having trouble combining these two sets of code.



Code:
# Simple Position Calculator
# Assembled by BenTen at UseThinkScript.com

input Budget = 3000;
input current_price = close;
def Share_Quantity_purchase_limit =  Budget / current_price ;
AddLabel(yes, Concat("Shares available for purchase = ", Round(Share_Quantity_purchase_limit)), Color.ORANGE);

###############################################################################################

input profit_goal = 100;
plot Trend_line =  profit_goal / Share_Quantity_purchase_limit  ;
Trend_line.SetDefaultColor(GetColor(0));
#####################################################################

#code found here - https://usethinkscript.com/threads/current-price-line-indicator-for-thinkorswim.614/post-8400
def profit_take_line_1 = Trend_line;
input offset = 0;
def sma = Trend_line;
rec line = if IsNaN(sma) then line[1] else sma[offset];

                       
plot Goal = if IsNaN(sma) then line else Double.NaN;
Goal.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
Goal.SetLineWeight(1);
Goal.SetDefaultColor(Color.orange);
Goal.HideBubble();

###00000000000000000000000000000000###########

Code:
input price = close;
input percentoffset = 4.0;
input lineLength = -1;

def lastBar = !IsNaN(close) && IsNaN(close[-1]);
def lastClose = if lastBar then close else lastClose[1];

plot level_line = if IsNaN(close[-lineLength-1]) then lastClose[-lineLength] else Double.NaN;
level_line.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
level_line.SetDefaultColor(Color.white);
level_line.hideBubble();

def above_price = level_line + (percentoffset/100 * level_line);
def below_price = level_line - (percentoffset/100 * level_line);

plot above_line = above_price;
     #above_line.setdefaultcolor(color.white);
     #above_line.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);


The first batch of code uses code from the 2nd code batch which was part of a study I found on the forum, I've reduced it to troubleshoot the 1st batch. What I'm trying to do is to use code from the 2nd batch to draw a horizontal line at the price level. It would enable you to see the current price, and how big of a climb a stock would have to make to reach your profit goal that's displayed with a 2nd horizontal line.
 
The first batch of code uses code from the 2nd code batch which was part of a study I found on the forum, I've reduced it to troubleshoot the 1st batch. What I'm trying to do is to use code from the 2nd batch to draw a horizontal line at the price level. It would enable you to see the current price, and how big of a climb a stock would have to make to reach your profit goal that's displayed with a 2nd horizontal line.
No one was able to combine these for you. :( The only workaround available currently is to load both on your chart for a visual representation of the difference between goal and price.
 

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