Take Price Action Win SignalsThe Take Price Action Win Signals (TakePAWS) indicator is a tool developed for TradingView that helps traders see the main Price Action patterns, and when combined with the Supertrend, provides convenient options for determining the direction of price movement. This indicator has the ability to display take profit and stop loss points with the ability to customize them for each pattern separately and display them only in the direction of the trend. It also has the ability to calculate leverage or position size based on the desired risk-reward ratio.
Money Management Settings:
Position Loss %: allows traders to set the potential position loss in percentage, which is used to calculate the required leverage (the " X: " on the label).
Fixed leverage is used together with the capital size settings to calculate the position size.
Price Action Settings:
Ability to customize colors and toggle the display for pin bars, outside bars, inside bars and PPR Bars.
Customize the colors of candles, wicks, borders and labels.
Adjust the length of entry label lines, take lines and stop lines.
Set the ratio of the size of stops and take profits for each pattern.
Switch the display of signals only in the direction of the Supertrend.
Supertrend settings:
Ability to set up two trend lines to display the area with the best price offer.
Set up a color that will change depending on the price position and background transparency.
Alert settings:
Alert for all patterns or display only patterns in the direction of the trend.
Detection of price action patterns:
For pin bars, based on the open, minimum, maximum and close of the candle, calculate the larger wick of the candle, which is two or more times larger than the body and the reverse wick.
For outside bars based on the previous candle's minimum and maximum, the new candle's minimum, maximum and close and checks if the current close is greater than the previous high and if the current minimum is less than the previous low for a bullish outside bar.
For inside bars, comparing the previous candle's minimum and maximum with the new candle's minimum and maximum, which must be less than the previous candle.
For PPR bars, comparing the previous candle's minimum and maximum with the new candle's close, which in the case of a bullish candle must be greater than the previous candle's maximum.
For PPR and outside bars, it builds lines based on previous highs or lows with take profit and stop factors.
For pin bars, it builds lines based on the candle's long wick with take profit and stop factors.
