An Indicator / ShowMe is required for TradeStation Platform. The indicator will help me determine Stop Loss(in pips) and Profit Targets based on the Horizontal Lines I manually draw on the chart.
The strategy is such that I create a Pending order few extra pips(variable) above/below the Setup Bar and Stop Loss behind last Swing point. The Setup Bar and Swing point is manually determined by me hence we need a way to identify the their High and Low.
I can draw Horizontal lines to identify these two points(suggest alternatives if required). The Indicator will read the values of these lines and determine the Entry, Stop Loss and Profit Target.
- Entry is plus 5 Pips or minus 5 (based on direction of trade) of the High/Low of Setup Bar
- Stop Loss is also plus 5 Pips or minus 5 (based on direction of trade) of the High/Low of Swing Point
- Profit Targets is set at 1:1 and 1:2
Profit Targets can be show via horizontal lines or as Text. Stop Loss in pips need to also be displayed so I can calculate position size manually.
Profit Targets need to automatically change as I move Stop Loss line.
Only one trade per chart will be created at a time.
*Spread needs to be accounted in case of Sell trade
**Use Variables for Extra Pips and Spread