Single-Position Strategy with Layered Stops and Partial Profit Targets

Summary

This Pine Script template manages one open position at a time using buy and sell signals supplied by another indicator. Same-direction signals are ignored while a trade is open. Opposing signals can be ignored, used to close the position, or used to close and reverse it; an optional separate signal can close positions without opening a new one.

Risk controls include a fixed percentage stop, a trailing stop, and an initial trailing stop that follows price until it reaches a cutoff and then stays fixed. Up to four limit orders can reduce position size at configured percentage gains. The script describes these mechanics and provides configurable inputs, but the excerpt is truncated and supplies no backtest results or evidence of profitability. Its usefulness depends on the quality of the external signals, instrument behavior, and order-fill assumptions; the template itself does not define an entry edge.

Key ideas

• The strategy accepts an external signed source to determine long and short entries.
• Only one position is allowed, with configurable handling of opposing signals.
• A fixed stop, an initial trailing stop, and a regular trailing stop can be combined.
• Up to four profit orders can reduce the position at specified gains.
• The document provides implementation mechanics but no performance evidence or standalone entry method.

Tags

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