2x take profit, move stop loss to entry

21 Jul 2022

Two take profit targets moving stop loss to entry after first take profit hit

This strategy shows a method to achieve the following trade management:

1) Open a position with two take profit targets
2) When first take profit is hit, move the stop loss to entry price
3) Position is closed when either second take profit is hit or position is stopped out at entry

Trading Conditions

The trading conditions used in this script are for illustrative purposes only and are not meant to be profitable.

Bollinger Bands
Used to show areas where price is moving outside of the normal range

Stochastic
Used to show overbought and oversold conditions.
Green dots are plotted when the K line crosses over its SMA. Red dots are plotted when the K line crosses under its SMA.

The option to use overbought/oversold thresholds is again illustrative.