Profit target, Stop loss window

[Vorlauf]

Here I have a study that will draw a horizontal line from purchase date of average purchase press. Line only moves to re-average when new shares are bought or sold. So if we can have that, trading view has a Drawing tool that will show the area of profit/loss towards profit target and stop loss. Is it possible from this code to add profit/loss horizontal line from purchase price (based on ATR,%,$) to somewhat match the drawing tool on tradingview?

# plot a horizontal line
# at the average price of your open position
def open_position_avg_price = GetAveragePrice();
# color the plot line based on position side
# quantity will be negative if short
def open_position_qty = GetQuantity();
def PnL_Line_Color = if open_position_qty < 0 then -1 else 1;
#debug
#plot PnL_Line_Color__plot = PnL_Line_Color;
# apply long or short logic to line color
plot open_position_avg_price__plot = if (open_position_avg_price <= 0) then Double.NaN else open_position_avg_price;
open_position_avg_price__plot.AssignValueColor(if PnL_Line_Color > 0 then Color.GREEN else Color.RED);
open_position_avg_price__plot.SetLineWeight(3);

 

[halcyonguy]

# plot a horizontal line
# at the average price of your open position
def open_position_avg_price = GetAveragePrice();
# color the plot line based on position side
# quantity will be negative if short
def open_position_qty = GetQuantity();
def PnL_Line_Color = if open_position_qty < 0 then -1 else 1;
#debug
#plot PnL_Line_Color__plot = PnL_Line_Color;
# apply long or short logic to line color
plot open_position_avg_price__plot = if (open_position_avg_price <= 0) then Double.NaN else open_position_avg_price;
open_position_avg_price__plot.AssignValueColor(if PnL_Line_Color > 0 then Color.GREEN else Color.RED);
open_position_avg_price__plot.SetLineWeight(3);

this is untested

you didn't describe how you wanted to determine the upper and lower levels so,
i made this , based on a risk % and calculates a risk and reward price level.

# profit_loss_region_0

# https://usethinkscript.com/threads/profit-target-stop-loss-window.13190/
# Profit target, Stop loss window
# Vorlauf  10/30


addlabel(1, "profit_loss_region_0");

# Here
# http://tos.mx/UFajlgB
# I have a study that will draw a horizontal line
#https://imgur.com/a/qU6A3kI
#from purchase date of average purchase press. Line only moves to re-average when new shares are bought or sold. So if we can have that, trading view has a Drawing tool
#https://imgur.com/a/T4sMRhV
# that will show the area of profit/loss towards profit target and stop loss. Is it possible from this code to add profit/loss horizontal line from purchase price (based on ATR,%,$) to somewhat match the drawing tool on tradingview?



def bn = barnumber();
def na = double.nan;

def buy_price = close;

# plot a horizontal line
# at the average price of your open position
def open_position_avg_price = GetAveragePrice();
# color the plot line based on position side
# quantity will be negative if short
def open_position_qty = GetQuantity();
def PnL_Line_Color = if open_position_qty < 0 then -1 else 1;

def buy_first_bar = if open_position_qty[1] == 0 and open_position_qty != 0 then 1 else 0;

def entry = if bn == 1 then na
  else if open_position_qty == 0 then na
  else if buy_first_bar then buy_price
  else entry[1];

input risk_percent = 1.5;
def risk_amount = round(entry * (risk_percent/100),2);

def risk = entry - risk_amount;
input reward_factor = 3;
def reward = round(entry + (reward_factor * risk_amount),2);

plot zentry = entry;
zentry.SetDefaultColor(Color.cyan);
zentry.SetLineWeight(3);

plot zrisk = risk;
zrisk.SetDefaultColor(Color.red);

plot zreward = reward;
zentry.SetDefaultColor(Color.green);

addcloud(zreward, zentry, color.green);
addcloud(zentry, zrisk, color.red);



#debug
#plot PnL_Line_Color__plot = PnL_Line_Color;
# apply long or short logic to line color
#plot open_position_avg_price__plot = if (open_position_avg_price <= 0) then Double.NaN else open_position_avg_price;
#open_position_avg_price__plot.AssignValueColor(if PnL_Line_Color > 0 then Color.GREEN else Color.RED);
#open_position_avg_price__plot.SetLineWeight(3);


#

 

[Vorlauf]

By George, You nailed it. Thanks so much

 

[Vorlauf]

% is good, atr multiple would also be helpful

 

[halcyonguy]

% is good, atr multiple would also be helpful

EDIT, FIX TYPO. 11/1 6am

this one can determine the risk amount, with 2 methods, price % or atr factor .

i rushed through this. just realized i didn't save the atr number when a buy is placed, so the risk/reward lines will vary a little with different atr numbers, bar to bar.

# profit_loss_region_02

# https://usethinkscript.com/threads/profit-target-stop-loss-window.13190/
# Profit target, Stop loss window
# Vorlauf  10/30


# Here
# http://tos.mx/UFajlgB
# I have a study that will draw a horizontal line
#https://imgur.com/a/qU6A3kI
#from purchase date of average purchase press. Line only moves to re-average when new shares are bought or sold. So if we can have that, trading view has a Drawing tool
#https://imgur.com/a/T4sMRhV
# that will show the area of profit/loss towards profit target and stop loss. Is it possible from this code to add profit/loss horizontal line from purchase price (based on ATR,%,$) to somewhat match the drawing tool on tradingview?


# % is good, atr multiple would also be helpful

def bn = barnumber();
def na = double.nan;

def buy_price = close;


#----------------
# ATR
input atr_length = 14;
input atr_averageType = AverageType.WILDERS;
def ATR = MovingAverage(atr_averageType, TrueRange(high, close, low), atr_length);
# --------------------

input risk_type = {buy_price_percent , default atr_factor };


# plot a horizontal line
# at the average price of your open position
def open_position_avg_price = GetAveragePrice();
# color the plot line based on position side
# quantity will be negative if short
def open_position_qty = GetQuantity();
def PnL_Line_Color = if open_position_qty < 0 then -1 else 1;

def buy_first_bar = if open_position_qty[1] == 0 and open_position_qty != 0 then 1 else 0;

def entry = if bn == 1 then na
  else if open_position_qty == 0 then na
  else if buy_first_bar then buy_price
  else entry[1];


input risk_price_percent = 1.5;
input risk_atr_factor = 1.0;


def risk_amount;
switch (risk_type) {
case buy_price_percent:
  risk_amount = round(entry * (risk_price_percent/100), 2);
case atr_factor:
  risk_amount = round(entry * risk_atr_factor, 2);
}


#def risk_amount = round(entry * (risk_percent/100),2);

def risk = entry - risk_amount;
input reward_factor = 3;
def reward = round(entry + (reward_factor * risk_amount),2);

plot zentry = entry;
zentry.SetDefaultColor(Color.cyan);
zentry.SetLineWeight(3);

plot zrisk = risk;
zrisk.SetDefaultColor(Color.red);


#EDIT, FIX TYPO.  wrong plot variable
plot zreward = reward;
#zentry.SetDefaultColor(Color.green);
zreward.SetDefaultColor(Color.green);

addcloud(zreward, zentry, color.green);
addcloud(zentry, zrisk, color.red);


#debug
#plot PnL_Line_Color__plot = PnL_Line_Color;
# apply long or short logic to line color
#plot open_position_avg_price__plot = if (open_position_avg_price <= 0) then Double.NaN else open_position_avg_price;
#open_position_avg_price__plot.AssignValueColor(if PnL_Line_Color > 0 then Color.GREEN else Color.RED);
#open_position_avg_price__plot.SetLineWeight(3);

#

 

[Vorlauf]

Amazing. Thanks so much. In picture, green line is the average price but somehow doesn't match up with the correct color. Think the P/L code is using close, not the average price. Easy fix? Picture of the difference

 

[halcyonguy]

Amazing. Thanks so much. In picture, green line is the average price but somehow doesn't match up with the correct color. Think the P/L code is using close, not the average price. Easy fix? Picture of the difference

fixed, sorry about that, had wrong variable in a plot statement.

------
i don't like adding a lot of shapes/shading that covers up the candles, so i try to draw things away from candles.

here is an example of shading after the last candle.
https://usethinkscript.com/threads/help-with-relative-range.10482/#post-92839

 

[Vorlauf]

Getting there. Green line is the average price. Is it possible to calculate off the average price, not the first purchase price. Much appreciation.