Trailing Stoploss % Based For ThinkOrSwim

[kiwi]

Author states:
A minimalistic trend-following indicator that plots a single trailing line based on a user-defined percentage using price highs and lows.

The line:
Trails price in trends
Moves only in the direction of the trend
Flattens when price is not making new highs or lows
Acts as support in uptrends and resistance in downtrends

Useful on all instruments and all timeframes for clean trend tracking and trailing stop management.

Here is the original Tradingview code:
https://www.tradingview.com/script/uoIHXtt0-Trailing-Stoploss-Based/

For the new ThinkOrSwim code, you must scroll down to the next post

 

[TOS2221]

I see no one answered. I'm not a coder, but I asked ChatGPT to convert it:

input trailPerc = 1.0;
def trail = close * trailPerc / 100;

rec trendUp;
rec trailLine;

def isFirstBar = IsNaN(close[1]);

def newLineUp = Max(if isFirstBar then close else trailLine[1], close - trail);
def newLineDown = Min(if isFirstBar then close else trailLine[1], close + trail);

trendUp = if isFirstBar then 1
          else if trendUp[1] and close < trailLine[1] then 0
          else if !trendUp[1] and close > trailLine[1] then 1
          else trendUp[1];

trailLine = if isFirstBar then close
            else if trendUp[1] then
                if close < trailLine[1] then close + trail else newLineUp
            else
                if close > trailLine[1] then close - trail else newLineDown;

plot TrailingLine = trailLine;
TrailingLine.SetLineWeight(2);

 

[kiwi]

I've been using GROK, but it could not get this one right. Will let you know if ChatGPT worked. Thank you.

 

[kiwi]

ChatGPT nailed it. Thanks.

 

[TOS2221]

ChatGPT nailed it. Thanks.

Great! The first two tries didn't work. I know enough about coding to make some suggestions that allowed it to succeed.

I made some additions that you may or may not find useful:

input trailPerc = 1.0;

def trail = close * trailPerc / 100;

rec trendUp;
rec trailLine;

def isFirstBar = IsNaN(close[1]);

def newLineUp = Max(if isFirstBar then close else trailLine[1], close - trail);
def newLineDown = Min(if isFirstBar then close else trailLine[1], close + trail);

trendUp = if isFirstBar then 1
          else if trendUp[1] and close < trailLine[1] then 0
          else if !trendUp[1] and close > trailLine[1] then 1
          else trendUp[1];

trailLine = if isFirstBar then close
            else if trendUp[1] then
                if close < trailLine[1] then close + trail else newLineUp
            else
                if close > trailLine[1] then close - trail else newLineDown;

plot TrailingLine = trailLine;
TrailingLine.SetLineWeight(2);
TrailingLine.AssignValueColor(if trailLine > close then Color.RED else Color.GREEN);

input showClouds = yes;

def isRedZone = trailLine > close;
def isGreenZone = trailLine <= close;

AddCloud(if showClouds and isRedZone then Double.POSITIVE_INFINITY else Double.NaN,
         if isRedZone then Double.NEGATIVE_INFINITY else Double.NaN,
         Color.MAGENTA);

AddCloud(if showClouds and isGreenZone then Double.POSITIVE_INFINITY else Double.NaN,
         if isGreenZone then Double.NEGATIVE_INFINITY else Double.NaN,
         Color.CYAN);

input showAlert = yes;

# Alert when the trend flips
def trendChange = trendUp != trendUp[1];
Alert(showAlert and trendChange, "Trend Flipped!", Alert.BAR, Sound.Ring);

 

[kiwi]

 

[kursa33]

I'm having difficulty coding the last part of this indicator from TradingView. It's the ratcheting part of the code I'm having trouble with. Can someone take a look and offer any suggestions. Link to the indicator here... https://www.tradingview.com/script/uoIHXtt0-Trailing-Stoploss-Based/












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the ratcheting logic in pine can be a bit of a headache because of how series are handled. if you want the stop to only move in your favor, you basically need to compare the current calculated level with the previous bar's level.

try something like this in your script:
trailPrice = strategy.position_size > 0 ? max(currentStop, nz(trailPrice[1])) : strategy.position_size < 0 ? min(currentStop, nz(trailPrice[1])) : na

the max() and min() functions are what create that "ratchet" effect. without them, your stop will just jitter up and down with the volatility. also, make sure you're using var for your stop variables if you want them to persist properly across bars without being recalculated from scratch every time.

i looked at that uoIHXtt0 script — it seems to use a multiplier based on volatility, so you definitely need to wrap that in a check against the previous bar’s value. let me know if you’re getting specific errors in the console or if the line is just recalculating incorrectly.