OPEN-SOURCE SCRIPT
RedK Multi-Modal TrailingStop (RedK MMTStop)
█ RedK MMTStop - Release Notes
Introduction & background
RedK MMTStop is a Multi-Modal Trailing Stop indicator - Let's quickly explore the "trailing stop" concept first as a refresher - then explain what a multi-modal trailing stop indicator does.
Read more about this concept in TradingView's own support guide on Trailing Stops
A Trailing Stop is a core function for effective position & risk management, and there are various methods to implement a trailing stop. Regardless of the trailing stop method, the basic premise is the same: this mechanism is what enables the trader to maximize their position profit, and is the key to avoiding situations where profitable positions reverse into losses - which can happen to any trader, regardless of experience level - it's just the nature of trading. For that reason, there are so many Trailing Stop indicators out there, and many of them are of high quality.
What makes RedK Multi-Modal TrailingStop (RedK MMTStop) different, is that it provides traders with 5 of the most-common trailing stop methods, and packages these 5 methods into the same insights, visuals and alerts engines - in an attempt to deliver maximum trade management support with the utmost flexibility in the choice of trailing stop method - The result is a tool that can work for any style of trading (scalping, swing, position/trend...), for any timeframe, and for any traded instrument, be it FOREX, Crypto, Futures, Stocks, CFDs ...etc.
█ RedK MMTStop: Indicator Components
Below we explore the 5 trailing stop methods, the trader's insights (info panel), the visuals (the safe zone / bands) and the alerts.
The below screenshot shows the main elements of the RedK MMTStop
🔷1. The 5 Trailing Stop Methods
Switching method never changes the insights, the visuals or the alerts. Every method feeds the same stop line, the same flip logic, and the same five alerts — so your setup keeps working as you adjust to find the method that works best for a specific setup.
🔷 2. The Critical & Safe Zones
The stop line tells you where to exit. The Status line (along with the Critical / Safe bands) tells you how close you are.
The "Status Line" measures the gap between price and the stop in ATR units, then colors it:
The colored bands sit between the stop and price on the chart. Band borders can be shown or hidden separately from the colored fill. The Safe Zone is calculated based on (user-adjustable) ATR value, so it is "volatility-aware" - It uses its own ATR setting (regardless of the selected Trailing Stop method) to ensure it works the same across all five methods — including the ones with no ATR setting of their own.
🔷3. The Info Panel
A compact panel showing the live state at a glance (some elements will update in real time):
For the Info Panel, text size (Small / Normal / Large) and position (Top / Middle / Bottom Right) are selectable.
🔷4. RedK MMTStop Alerts
There are 5 alerts introduced in this version to help maximize the use of the RedK MMTStop - These alerts work the same regardless of which trailing stop method is selected and the associated settings - They will also work regardless of the visual or the info panel settings.
Note: A numeric flip signal is also exposed in the Data Window for use with the Pine Screener.
The below screenshot shows the 5 alerts provided by RedK MMTStop
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█ RedK MMTStop Indicator Settings & Usage Examples
The screenshot below shows the RedK MMTStop indicator settings box, split into 3 sections, and what each section does.
The below screenshot shows a "position trader" using RedK MMTStop on 1D timeframe to manage 5% -based trailing stops on
NVDA - showing examples for both a long and a short positions and how to use the indicator to identify critical zones for exit.
The below screenshot shows a swing trader using RedK MMTStop on 30min timeframe to track an ATR / SuperTrend -based trailing stop on an open long position in
XAUUSD - the position is getting an amber "Watch" alert in the Info Panel
With the way RedK MMTStop is built, the scenarios are unlimited - Please note that while every effort was made to provide the most commonly used settings for each method as default - they are not suggestions or advice - You need to adjust your trailing stop method and settings to what suits your style of trading, your timeframe and your own risk tolerance. This is critical for the proper use of this, or any other, indicator.
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📝 Notes on Use and Limitations
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⚠️ Important Notes & Disclaimer
==================================================================================
Using this indicator means you have read and agreed to the following:
Introduction & background
RedK MMTStop is a Multi-Modal Trailing Stop indicator - Let's quickly explore the "trailing stop" concept first as a refresher - then explain what a multi-modal trailing stop indicator does.
A "Trailing Stop" is what helps traders avoid giving back profit because they held an open position for too long. A trailing stop follows (trails) the price movement in the trade direction - never moves in the opposite direction - as long as the position moves in the trade direction, the trader is watching a growing "unrealized profit".
The Trailing Stop will then alert the trader when the move is weakening, or is over (reversing). The position is then closed (automatically if the platform provides that feature, or manually by the trader) to "realize" the maximum profit.
Read more about this concept in TradingView's own support guide on Trailing Stops
A Trailing Stop is a core function for effective position & risk management, and there are various methods to implement a trailing stop. Regardless of the trailing stop method, the basic premise is the same: this mechanism is what enables the trader to maximize their position profit, and is the key to avoiding situations where profitable positions reverse into losses - which can happen to any trader, regardless of experience level - it's just the nature of trading. For that reason, there are so many Trailing Stop indicators out there, and many of them are of high quality.
What makes RedK Multi-Modal TrailingStop (RedK MMTStop) different, is that it provides traders with 5 of the most-common trailing stop methods, and packages these 5 methods into the same insights, visuals and alerts engines - in an attempt to deliver maximum trade management support with the utmost flexibility in the choice of trailing stop method - The result is a tool that can work for any style of trading (scalping, swing, position/trend...), for any timeframe, and for any traded instrument, be it FOREX, Crypto, Futures, Stocks, CFDs ...etc.
█ RedK MMTStop: Indicator Components
Below we explore the 5 trailing stop methods, the trader's insights (info panel), the visuals (the safe zone / bands) and the alerts.
The below screenshot shows the main elements of the RedK MMTStop
🔷1. The 5 Trailing Stop Methods
- ATR / Supertrend: trails a volatility-based distance from price. The classic all-purpose stop.
- Chandelier: hangs an ATR distance off the recent swing high (long) or low (short).
- Donchian: trails to the recent swing low (long) or high (short). Turtle-style, structure-based.
- StdDev Channel: trails a standard-deviation / statistical (Bollinger-style) distance.
- Fixed %: trails a set percentage of price. Simple and predictable.
Switching method never changes the insights, the visuals or the alerts. Every method feeds the same stop line, the same flip logic, and the same five alerts — so your setup keeps working as you adjust to find the method that works best for a specific setup.
🔷 2. The Critical & Safe Zones
The stop line tells you where to exit. The Status line (along with the Critical / Safe bands) tells you how close you are.
The "Status Line" measures the gap between price and the stop in ATR units, then colors it:
- 🟢 Safe — plenty of room. Let it run.
- 🟡 Watch — getting close. Pay attention.
- 🔴 Critical — price is near the stop line. Decide now.
The colored bands sit between the stop and price on the chart. Band borders can be shown or hidden separately from the colored fill. The Safe Zone is calculated based on (user-adjustable) ATR value, so it is "volatility-aware" - It uses its own ATR setting (regardless of the selected Trailing Stop method) to ensure it works the same across all five methods — including the ones with no ATR setting of their own.
🔷3. The Info Panel
A compact panel showing the live state at a glance (some elements will update in real time):
- Active trailing stop method and its key setting - color coded for direction
- Current stop price and trade side
- Distance from price to stop
- Color-coded Status Line (Safe / Watch / Critical) with distance to stop in ATR units
- The exact prices where the colors (zones) transition
For the Info Panel, text size (Small / Normal / Large) and position (Top / Middle / Bottom Right) are selectable.
🔷4. RedK MMTStop Alerts
There are 5 alerts introduced in this version to help maximize the use of the RedK MMTStop - These alerts work the same regardless of which trailing stop method is selected and the associated settings - They will also work regardless of the visual or the info panel settings.
- Trend flipped up
- Trend flipped down
- Close crossed below the stop
- Close crossed above the stop
- Price entered the Critical zone
Note: A numeric flip signal is also exposed in the Data Window for use with the Pine Screener.
The below screenshot shows the 5 alerts provided by RedK MMTStop
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█ RedK MMTStop Indicator Settings & Usage Examples
The screenshot below shows the RedK MMTStop indicator settings box, split into 3 sections, and what each section does.
The below screenshot shows a "position trader" using RedK MMTStop on 1D timeframe to manage 5% -based trailing stops on
NVDA - showing examples for both a long and a short positions and how to use the indicator to identify critical zones for exit.The below screenshot shows a swing trader using RedK MMTStop on 30min timeframe to track an ATR / SuperTrend -based trailing stop on an open long position in
XAUUSD - the position is getting an amber "Watch" alert in the Info PanelWith the way RedK MMTStop is built, the scenarios are unlimited - Please note that while every effort was made to provide the most commonly used settings for each method as default - they are not suggestions or advice - You need to adjust your trailing stop method and settings to what suits your style of trading, your timeframe and your own risk tolerance. This is critical for the proper use of this, or any other, indicator.
==================================================================================
📝 Notes on Use and Limitations
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- This is an analysis and risk-management tool, not a signal service and not trade advice. Also a trailing stop is a mechanism that helps you manage an existing position — it does not tell you what or when to buy or sell. Test any settings on your own instruments and timeframes before trading them.
- The markers and alerts here describe price action readings. They are not advice to enter or exit any position, and the indicator does not claim predictive accuracy.
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⚠️ Important Notes & Disclaimer
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Using this indicator means you have read and agreed to the following:
- Not Advice. This indicator, and other work of this author, represent analytical studies of price and volume behavior. No parts should be considered buy/sell recommendations or signals — “Bulls” and “Bears” describe measured states only. Nothing here is financial, investment, or trading advice.
- Risk & Responsibility. Trading involves substantial risk of loss and is not for everyone. All decisions, interpretation, and risk and money management are yours alone. Past behavior does not predict future results. The author accepts no liability for any loss or consequence arising from use of this tool.
- Indicator Provided As-Is. Feature requests are welcome and can be shared with the author, but whether or when any request is implemented cannot be promised or guaranteed.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
"Understand the market, trade your way." I research & expand time-tested Technical Analysis concepts & I trade my own tools.
▸ Explore my published work: tradingview.com/u/RedKTrader/
▸ Explore my published work: tradingview.com/u/RedKTrader/
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
"Understand the market, trade your way." I research & expand time-tested Technical Analysis concepts & I trade my own tools.
▸ Explore my published work: tradingview.com/u/RedKTrader/
▸ Explore my published work: tradingview.com/u/RedKTrader/
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.