OPEN-SOURCE SCRIPT

Dow Theory Trend Manager PRO

Dow Theory Trend Manager PRO
The Dow Theory + O'Neil Trend Manager combines trend-following principles from Dow Theory with William O'Neil's disciplined risk management approach.

The indicator automatically identifies bullish breakout opportunities based on market structure, calculates an 8% O'Neil stop loss, measures reward in R-multiples, and tracks the progress of a trade through predefined profit milestones.

Key Features

Automatic Trend Detection
Identifies Higher Highs (HH) and Higher Lows (HL)
Detects bullish breakouts from confirmed swing structures
Monitors ongoing market structure and trend status
O'Neil Risk Management
Calculates an initial stop loss based on the selected percentage (default 8%)
Defines risk per share from the breakout entry
Tracks trades using R-multiples rather than percentage returns
Profit Milestones

The indicator automatically plots:

2.5R – First profit objective
4R – Strong trend confirmation
6R – Exceptional trend performance

This allows traders and investors to assess how far a move has progressed relative to the original risk.

Trailing Stop Management

Moves from the initial stop to breakeven after the first milestone is achieved
Tracks active stop levels throughout the life of the trade
Helps identify when a trend has likely completed

What is the Dashboard Showing?:

The dashboard provides a complete overview of the current or most recent trade.

Trend

Displays the current market structure:

Bullish = Higher High + Higher Low
Bearish = Lower High + Lower Low
Transition = Consolidation or mixed structure

Trade Status - Shows the current state of the trade, such as:

Active
2.5R Reached
4R Reached
6R Reached
Trailing Stop Hit

Entry: The breakout price where the trade was initiated.
Initial Stop: The original risk level based on the selected stop-loss percentage.
Active Stop : The current stop level being managed by the system.
Current Price: Latest market price.
Current Return: Percentage gain or loss from the original entry price.
Current R : Current profit or loss expressed in R-multiples Example: A Current R of 4.0R means the trade has generated four times the original risk.
Maximum R: The highest R-multiple achieved during the life of the trade. This helps evaluate the true potential of a trend regardless of where the current price is trading.
2.5R, 4R and 6R Status: Indicates whether each milestone has been reached.
Trail Status: Shows whether the trailing stop management system is active.
Locked R: Displays the amount of profit currently protected by the active stop.

Trade Grade: Grades the trade based on the maximum R achieved:

A+ = 6R or greater
A = 4R to 6R
B = 2.5R to 4R
C = 1R to 2.5R
D = Less than 1R

Intended Use - This indicator is designed for

Trend-following investors
CANSLIM practitioners
O'Neil-style growth stock investors
Position traders
Swing traders focused on risk-adjusted returns

The goal is not simply to identify entries, but to help you to think in terms of risk, reward, and trend quality, using R-multiples as the primary measure of performance.

Let me know how you want to make any changes to the indicator.

Open-source Skript

Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.

sreenibas

Haftungsausschluss

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Open-source Skript

sreenibas