OPEN-SOURCE SCRIPT
Local High Low Stop Loss Levels
Local High Low Stop Loss Levels
Local High Low Stop Loss Levels is a lightweight risk management and structure-based indicator designed to automatically identify recent local highs and lows and project potential stop loss levels directly onto the chart.
Rather than placing stops at arbitrary distances, this indicator uses recent market structure and allows optional buffers to help account for volatility, market noise, and instrument behavior. The goal is to provide cleaner and more objective areas for risk placement based on actual price action.
Features:
• Automatically detects recent local highs and lows
• Dynamic stop level projection using market structure
• Supports custom calculation timeframes
• Optional "Wait Until Bar Close" confirmation logic
• Extend stop levels into future price action
• Optional labels displaying stop values
Buffer options:
• No buffer
• Tick-based buffer
• ATR-based buffer
• Percentage-based buffer
Display options:
• Local High stop levels
• Local Low stop levels
• Extend-right functionality
• Custom colors and labels
Alerts Included:
• Price broke below Local Low Stop Level
• Price broke above Local High Stop Level
Potential use cases:
• Place stop losses using recent structure
• Identify invalidation areas for trades
• Define risk levels for long and short positions
• Add confluence to existing strategies
• Reduce arbitrary stop placement decisions
• Monitor breakouts beyond recent extremes
Interpretation:
Local Low Stop Level
Represents a recent structural low with optional buffer adjustment and can be used as a potential invalidation level for long positions.
Local High Stop Level
Represents a recent structural high with optional buffer adjustment and can be used as a potential invalidation level for short positions.
This indicator is intended to provide a simple structure-based approach to stop placement while allowing flexibility across different instruments and trading styles.
About TrendGenY Indicators
TrendGenY indicators are built from market experience, creative concepts, and a constant pursuit of unique perspectives. Rather than following conventional ideas, the focus is on uncovering alternative insights and viewing market behavior through different angles to reveal information that traditional tools may overlook and help traders build a more meaningful edge in the market.
Local High Low Stop Loss Levels is a lightweight risk management and structure-based indicator designed to automatically identify recent local highs and lows and project potential stop loss levels directly onto the chart.
Rather than placing stops at arbitrary distances, this indicator uses recent market structure and allows optional buffers to help account for volatility, market noise, and instrument behavior. The goal is to provide cleaner and more objective areas for risk placement based on actual price action.
Features:
• Automatically detects recent local highs and lows
• Dynamic stop level projection using market structure
• Supports custom calculation timeframes
• Optional "Wait Until Bar Close" confirmation logic
• Extend stop levels into future price action
• Optional labels displaying stop values
Buffer options:
• No buffer
• Tick-based buffer
• ATR-based buffer
• Percentage-based buffer
Display options:
• Local High stop levels
• Local Low stop levels
• Extend-right functionality
• Custom colors and labels
Alerts Included:
• Price broke below Local Low Stop Level
• Price broke above Local High Stop Level
Potential use cases:
• Place stop losses using recent structure
• Identify invalidation areas for trades
• Define risk levels for long and short positions
• Add confluence to existing strategies
• Reduce arbitrary stop placement decisions
• Monitor breakouts beyond recent extremes
Interpretation:
Local Low Stop Level
Represents a recent structural low with optional buffer adjustment and can be used as a potential invalidation level for long positions.
Local High Stop Level
Represents a recent structural high with optional buffer adjustment and can be used as a potential invalidation level for short positions.
This indicator is intended to provide a simple structure-based approach to stop placement while allowing flexibility across different instruments and trading styles.
About TrendGenY Indicators
TrendGenY indicators are built from market experience, creative concepts, and a constant pursuit of unique perspectives. Rather than following conventional ideas, the focus is on uncovering alternative insights and viewing market behavior through different angles to reveal information that traditional tools may overlook and help traders build a more meaningful edge in the market.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.