Implementing TP and SL with Indicator Signals and Alert Messages in TradingView

To implement Take Profit (TP) and Stop Loss (SL) with indicator signals on TradingView, you will need to use the built-in alert system and a simple script. Here are the steps:

1. Create an indicator script
   First, create a simple indicator script that produces buy and sell signals based on your preferred indicators and conditions. This will serve as the basis for your TP and SL alerts.

2. Set up the alerts
   Next, add the following lines of code to your indicator script to create the alerts:

// Setting up the alerts
alertcondition(longSignal, title="BUY Signal!", message="Enter long position")
alertcondition(shortSignal, title="SELL Signal!", message="Enter short position")

These lines of code will create two alerts based on your long and short signals.

1. Define TP and SL levels Next, define your TP and SL levels in the indicator script using the "input" function. For example:

// Define TP and SL levels
tp_level = input(100, "Take Profit %", type=float)
sl_level = input(50, "Stop Loss %", type=float)

The above code will create two input fields on the chart for your TP and SL levels. You can adjust these levels as desired based on your trading strategy.

1. Triggering the alerts Finally, you need to add code to the indicator script to trigger the alerts when TP or SL levels are reached. This can be done using the "alertcondition" function as follows:

// Triggering alerts
alertcondition(close >= close * (1 + tp_level/100), title="Take Profit Reached!", message="Take Profit level hit")
alertcondition(close <= close * (1 - sl_level/100), title="Stop Loss Reached!", message="Stop Loss level hit")

The above code will trigger the respective alert when the TP or SL level is hit. You can also customize the alert message to include additional information such as the actual price level that was hit.

1. Apply the indicator to your chart
   Now, you can apply the indicator to your chart and adjust the TP and SL levels as desired. When a buy or sell signal is generated, an alert will also be triggered. When the TP or SL level is hit, the respective alert will also be triggered, providing you with an opportunity to exit the trade at your desired levels.

2. Set up alert messages
   To receive alert messages for your TP and SL checks, you can use the "Enable Sound Alert" option in the alert settings. You can also set up email or push notifications for additional alert methods.

From Novice to Pro: Uncover the World of Trading View

Implementing TP and SL with indicator signals on TradingView is a useful way to manage your trades and reduce emotional decision-making. By setting up alerts for these levels, you can have a systematic approach to trading and ensure you stick to your predetermined exit points.