Sizing and Confirming Pending Limit Orders from Chart Lines
Summary
This trading-platform script creates pending limit orders from horizontal chart lines named for entry, stop-loss, and take-profit levels. It supports up to four numbered orders. If an order omits an entry or stop-loss line, the script can inherit that level from the first order, allowing several targets to share common trade parameters. The user draws the lines, starts the script, and reviews a calculated-risk dialog before confirming order placement.
The risk input is interpreted as a fraction of account balance when below 0.1 and as a cash amount at or above that threshold. The displayed risk is approximate and can differ from the requested amount because of account size and trade setup. The description explains an order-entry workflow and a confirmation safeguard, but gives no evidence of profitability or details about execution behavior under changing market conditions. It also notes that automated trading must be enabled and directs users to check platform error messages if the script fails.
Key ideas
- Entry, stop-loss, and take-profit levels are specified with named horizontal chart lines.
- Up to four orders can be defined, and missing entry or stop-loss levels may inherit the first order's values.
- Risk input represents a balance fraction below 0.1 and a monetary amount from 0.1 upward.
- A dialog shows approximate calculated risk and requires confirmation before placing orders.
- The description covers order setup but gives no strategy performance or execution analysis.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.