Pine Tool for Manual Entries with Stop Loss and Trailing Profit

Summary

This document explains a Pine strategy tool for traders who choose entries manually but want software to manage subsequent exits. The user can configure a long or short direction, an immediate or limit entry, order size, a fixed stop loss, and a trailing profit mechanism. The trailing logic uses a trigger price offset from entry and tracks the favorable price extreme to update the stop level. A default entry setting disables orders to reduce accidental activation.

The article illustrates immediate and limit-entry setups and explains how stop distances and trailing offsets relate to the instrument’s minimum price tick. It emphasizes checking tick precision because the tool’s point-based parameters depend on it, and recommends real-time price monitoring. The examples demonstrate the intended mechanics rather than supplying evidence of profitability. The tool is an execution aid for a trader’s existing plan; its parameters need to match the market and trading habits, and the document does not establish that its behavior is suitable for every instrument or venue.

Key ideas

• The tool lets a trader set an entry manually or specify an immediate or limit entry.
• It supports either long or short positions with a fixed stop and trailing profit exit.
• The trailing stop follows the most favorable price after its trigger condition is reached.
• Price tick precision affects how point-based stop and offset parameters behave.
• The examples explain operation but do not provide evidence of strategy profitability.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.